Yzi Labs, the renowned risk capital arm of Crypto Exchange Binance, made his first investment after the release of Founder Changpeng “CZ” from prison, Fortune reported Wednesday.
The company previously known as Binance Labs led a financing round of $ 16 million in Sign, a startup that seeks to simplify the distribution of token and carry the verification of credentials in the chain, according to the report.
“The appropriate distribution generates trust, and verification is an essential part of it. As more people move in the chain, this is a critical part of the fundamental infrastructure, ”said Zhao, in an email, according to Fortune’s report.
The brand change to Yzi Labs means that the company has gone from being the exchange capital arm of the exchange in the family office of Zhao and the co -founder of Binance Yi He, with Zhao assuming an active role in the investments.
Zhao was released from the American prison in September after a four -month prison sentence for violating the bank’s secret law by not establishing an adequate knowledge program of his client in Binance.
He also agreed to pay a fine of $ 50 million and resign as CEO of Binance as part of his guilt declaration.
Yzi Labs did not respond immediately to the request for comments from Coindesk.
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