The Yzi Labs, the family office established by Binance co-founder Changpeng “CZ” Zhao, can open up to external investors, Financial Times reported on Tuesday.
The $ 10 billion investment company, which has been rebranded from Binance Labs, is open to the possibility of converting an investment fund, Yzi Labs head Ella Zhang in an interview, according to the report.
“There are always many external investors interested and we will eventually consider it in an external fund,” Zhang said.
While YZI is naturally with big nous in web3 investments, it’s “early” in the field of artificial intelligence (Ai) And biotech, Zhang said.
“We are developing our team, when we have that expertise … We are open to external investors,” he said.
The Yzi Labs rebranded from Binance’s venture capital arm to Zhao’s family office shortly after his release from prison following a four-month prison for failing to promote an adequate Know-You-Customer program in Binance.
As part of his offense’s offense, he dropped as Binance’s CEO and subsequently more than her attention in the yzi labswho manages Zhao’s money and fellow co-founder of Binance Yi, also his longtime partner.
Family offices are not open to external investors as they manage a family’s wealth, so don’t raise money from outside resources.
YZI LABS did not respond to CoinDesk’s request for comment.
