Binance Founder ‘CZ’ May Open YZi Labs to External Investors

YZi Labs, founded by Binance co-founder Changpeng "CZ" Zhao, might open to external investors, as reported by the Financial Times.

The company, valued at $10 billion, was initially known as Binance Labs before rebranding.
Ella Zhang, head of YZi Labs, mentioned the potential conversion into an investment fund due to interest from external investors.
Although well-versed in Web3 investments, YZi is still developing expertise in AI and biotech.
Formation of a specialized team is underway to eventually facilitate opening to external investors.
The rebranding followed Zhao's release from prison after serving a sentence for not implementing an adequate know-your-customer program at Binance.
Zhao has shifted focus to YZi Labs, managing wealth for himself and fellow co-founder Yi He.
Family offices like YZi traditionally do not seek external funding, as they manage a single family's assets.

No comment was provided by YZi Labs when requested by CoinDesk.