Bloomberg: Binance Labs has been spun off from Binance to become an independent entity

ChainCatcher news, the world's largest digital asset trading platform Binance has quietly spun off its $10 billion venture capital arm, Binance Labs, making it an independent entity. This is one of the most significant changes since Binance CEO Richard Teng took office four months ago. The staff of Binance Labs has now signed different contracts from the exchange employees, similar to the setup of the BNB Chain supported by Binance. Investment Director Alex Odagiu stated, "We are no longer part of the Binance group." Binance Labs will be authorized to use the Binance brand.

After reaching a plea agreement with U.S. authorities last November, resulting in a $4.3 billion fine and the resignation of founder CZ as CEO, the cryptocurrency industry is closely watching the changes at Binance. A disclaimer added to the Binance Labs website in early 2024 clearly states that the institution "is an independent venture capital firm, not part of the Binance group, and does not participate in any business operated by the Binance group (including but not limited to the Binance cryptocurrency exchange)."

Binance Labs, led by Binance co-founder He Yi, primarily sources its funding from the exchange's profits, acting both as an early-stage investor in crypto projects and as an incubator, focusing on startups built on the BNB Chain and projects unrelated to blockchain technology. To date, Binance Labs has invested in approximately 250 projects, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox. According to a recent announcement from Binance Labs regarding the opening of applications for its incubation program's seventh season, the institution's asset value has exceeded $10 billion.