Yi Hee, a co-founder of the Binance cryptocurrency exchange, has been appointed head of the venture division of the Binance Labs ecosystem, according to a company press release (available to RBC-Crypto). Yi will address strategic issues and manage the day-to-day operations of the blockchain incubator.
Binance Labs is a crypto venture capital platform with a 2.1k% return on invested capital, according to the announcement. The exchange's venture arm has incubated projects such as Polygon, FTX, Certik, Nym, and Dune Analytics and currently manages $7.5 billion in total assets.
Yi has been involved with Labs since its inception, said Binance CEO Changpeng Zhao. The new head of Binance Labs will continue to lead the exchange's services such as customer support, institutional business, marketing, Binance P2P, and Earn.