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YZi Labs, led by Binance founder Changpeng Zhao, has invested $16 million in the altcoin project Sign, which specializes in on-chain token distribution services. According to reports from Fortune, this funding round also saw participation from Altos Ventures, HackVC, and Amber Ventures. With this support, YZi Labs emphasizes its commitment to the industry, raising the number of altcoin projects in its portfolio to over 250. This development is viewed as a significant milestone by those closely monitoring the cryptocurrency market.
Leading the On-Chain Infrastructure
Sign, established in 2021, aims to enable users to purchase cryptocurrencies more transparently. The platform provides services such as digital contract signing, token management, and on-chain information verification through different solutions like EthSign, TokenTable, and Sign Protocol.
The company strives to make the cryptocurrency marketplace more accessible. According to Fortune, YZi Labs’ $16 million investment will further strengthen this platform’s infrastructure. YZi Labs Investment Director Nicola Wang stated, “Sign’s vision aims to facilitate access to Web3 for wider audiences.”
Impact of CZ and Changes at YZi Labs
CZ, who stepped away from Binance but continues his investment activities, completed a four-month detention period in September 2024. He then rebranded Binance Labs as YZi Labs and announced plans to diversify into other sectors. The company intends to expand beyond supporting the cryptocurrency market and enter industries like artificial intelligence and biotechnology, aiming to offer more innovation.
According to Fortune, while CZ will no longer manage the centralized exchange, he will continue to play a significant role in YZi Labs’ investments. The company has also supported projects such as Sky Mavis, LayerZero, Aptos Labs, and Polygon. Bloomberg reports that YZi Labs manages approximately $10 billion, indicating a substantial scale in the venture capital sector. Keeping a close watch on both market dynamics and global economic developments, YZi Labs may pivot towards new investments in the future.
