Changpeng "CZ" Zhao, the wealthiest individual in the cryptocurrency sector, is transforming Binance Holdings Ltd.'s former venture capital division into a family office. This move follows his release from prison and a significant increase in his net worth to $70 billion due to a strong crypto market. The division, previously known as Binance Labs and managing $10 billion in crypto assets, will be rebranded as YZi Labs. Ella Zhang, who was instrumental in establishing Binance Labs in 2018, has been rehired to lead the new entity. YZi Labs will also oversee the financial assets of Binance co-founder Yi He, with whom Zhao shares three children.

Changpeng “CZ” Zhao, a few months out of prison and worth $70 billion thanks to the relentless crypto rally, is turning the former venture capital arm of his Binance Holdings Ltd. into a family office. Binance Labs, which oversees about $10 billion of crypto-related assets, will be renamed YZi Labs, according to a statement on Thursday. Zhao brought back Ella Zhang, who helped set up Binance Labs in 2018 and left two years later, to run the outfit. YZi Labs will also manage the wealth of Binance co-founder Yi He, with whom Zhao has three children. 

Changpeng Zhao Converts Binance's VC Arm into Family Office