Changpeng “CZ” Zhao, a few months out of prison and worth $US70 billion ($110 billion) thanks to the relentless crypto rally, is turning the former venture capital arm of his Binance Holdings into a family office.
Binance Labs, which oversees about $US10 billion of crypto-related assets, will be renamed YZi Labs, according to a statement. Mr Zhao brought back Ella Zhang, who helped set up Binance Labs in 2018 and left two years later, to run the outfit.
