YZI Labs, former Binance Labs, performs first venture capital investment after CZ’s return: Report

Yzi Labs, the Ommarked Venture Capital arm for Crypto Exchange Binance, made his first investment after founder Changpen “Cz” Zhao’s release from the prison, reported Fortune on Wednesday.

The company, previously known as Binance Labs, led a $ 16 million financing round to signs, a startup that seeks to simplify token distribution and bring verification of credentials on-chain, according to the report.

“Proper distribution builds trust and verification is an essential part of it. As more people move on the chain, this is a critical part of the basic infrastructure, ”Zhao said in an email, according to Fortune’s report.

Rebrand to Yzi Labs means that the company has turned from being the exchange’s venture capital arm to the family’s office in Zhao and Binance co-founder Yi He, with Zhao, taking an active role in investments.

Zhao was released from the United States Prison in September after a four-month imprisonment for violating the Bank Social Act by not creating an appropriate know-your customer program at Binance.

He also agreed to pay a $ 50 million fine and step down as Binance CEO as part of his guilty plea.

Yzi Labs did not immediately respond to Coindesk’s request for comment.

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