Binance CZs YZi Labs Makes Bold Move, Invests $16M in Token Platform Sign
- YZi Labs backs Signs transparent token distribution platform.
- Sign plans global expansion with $16M funding from YZi Labs.
- CZs YZi Labs extends investments to blockchain, AI, and biotech.
In a bold move to expand its portfolio, YZi Labs, the venture arm of Binances former CEO, Changpeng Zhao, has invested $16 million in the blockchain platform Sign. This strategic funding aims to accelerate blockchain adoption across various sectors globally.
YZi Labs Boosts Blockchain Growth
YZi Labs, the venture capital arm formerly known as Binance Labs, has invested $16 million in the token distribution platform Sign. This marks YZi Labs first investment since its rebranding. The funding round also saw participation from other investors such as Altos Ventures, HackVC, and Amber Ventures.
YZi Labs, led by Changpeng Zhao (CZ), rebranded after his four-month prison sentence ended in September 2024. Even though he stepped down as CEO of Binance, CZ continues to play a key role in YZi Labs investment activities. The rebranding signals YZi Labs broader investment strategy which focuses on blockchain, artificial intelligence (AI) and biotechnology.
CZs recent investment marks his re-entry into the crypto market after his exit from Binance. After his settlement with U.S. authorities, CZ continues to remain active in blockchain-related ventures. His involvement in YZi Labs signals his ongoing engagement in the crypto industry despite the regulatory challenges.
YZi Labs has made over 250 investments in Web3 and other sectors, with a portfolio valued at approximately $10 billion. Its involvement in blockchain and crypto-oriented startups has been a key part of its strategy. The firms recent investment in Sign represents its commitment to foster transformative innovation in various industries.
Sign aims to integrate blockchain into global economies
Sign, founded in 2021, offers on-chain token distribution infrastructure. Its services include EthSign for contract signing, TokenTable for managing digital tokens, and Sign Protocol for verifying blockchain information. The platforms growth has been driven by its focus on Web3 onboarding and enhancing transparency in token distribution.
The new funding will enable Sign to expand its services to global governments. The company aims to integrate blockchain solutions into public economies. Signs efforts are in line with increasing interest from regulators worldwide in adopting crypto-friendly policies and blockchain-based solutions for finance and identity verification.
Role of TON blockchain in Signs Success
The platforms success has been significantly driven by the TON blockchain. Signs revenue surged from $1.7 million in 2023 to $15 million in 2024. This growth is largely attributed to the large-scale token airdrops facilitated by TONs widespread user base.
Signs CEO and co-founder, Xin Yan, stated that the influx of tokens from TON boosted the platforms growth. The significant rise in airdrop activities has enabled Sign to scale rapidly. The new capital will enable the company to further expand its global presence and help governments adopt blockchain-based systems.
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Read more: https://www.tronweekly.com/rebranded-binance-labs-yzi-invests-16m-in-sign/
Text source: TronWeekly
