Binance Labs, the venture arm of the world’s largest crypto exchange, has announced its rebranding to YZi Labs. Despite the name change, YZi Labs will continue to be more committed to “advancing Web3 innovation,” including the BNB ecosystem.
Why Rebrand to YZi Labs?
The rebranding of Binance Labs to YZi Labs is a milestone for the organization. According to the company, the move is a natural progression for the business. Although it has long utilized the Binance brand name, the firm has consistently functioned as a separate entity, making key decisions and operating independently.
CZ’s departure from Binance marked a significant turning point for the firm, prompting YZi Labs to redefine its identity. With his departure and transition to new pursuits, YZi Labs is seizing the opportunity to forge its path, which differs from Binance’s.
The rebranding move is not entirely unexpected, given CZ’s previous statements about his plans. In a tweet last year, he mentioned looking forward to moving ahead with other things after his prison life. The latest move to YZi Labs aligns with his desire to explore new opportunities and pursue other passions.
According to the official announcement, YZi Labs will invest in Web3, artificial intelligence (AI), and biotech. It claims to combine the three technologies to explore innovations. While expanding its scope, the firm boasts of being committed to investing in projects that demonstrate lasting potential to fuel industry growth and progress.
With CZ remaining involved in investment activities and Ella Zhang returning as Head of YZi Labs, the organization believes it is well-positioned to drive growth in the crypto industry. In line with this, the crypto billionaire said:
“We’re thrilled to welcome Ella back to lead this next phase. Her expertise and vision were instrumental in shaping the organization’s early success, and I’m confident that under her leadership, YZi Labs will continue identifying and backing founders who will drive long-term impact.”
Rebranding: Not a New Trend
Several crypto projects have recently rebranded. MakerDAO, a DeFi lending platform, rebranded to “Sky” as part of its “Endgame Plan” to promote expansion and accessibility. The transformation introduces two new tokens: USDS, a stablecoin replacing DAI, and SKY, the new governance token succeeding MKR.
Polygon, an Ethereum layer-2 scaling solution, completed its 1:1 token swap as part of its broader rebranding and technical upgrade. The native token, previously known as MATIC, has been transitioned to POL. As part of the upgrade, crypto exchanges and price-tracking websites updated the token’s ticker to reflect the rebranding.
Another recent rebranding was executed by former Fantom, a blockchain platform that transformed into Sonic. The move reflected the project’s focus on speed, security, and decentralization. As part of the rebranding, Fantom’s native token, FTM, was replaced by Sonic’s new coin, S.
