Hong Kong-listed investment firm China Renaissance Holdings, with around $5 billion worth of assets under management (AUM), has announced plans to establish a US$100 million BNB treasury. Interestingly, if actualized, the move will make the entity the first Hong Kong-listed company to include the asset as part of its crypto allocation.
For context, BNB is the native coin of the Binance Smart Chain (BSC). It powers the entire BSC ecosystem, including transactions involving staking and governance. According to data from CoinMarketCap, the crypto sits at a $123 billion market valuation and is up over 5% within the past 24 hours.
China Renaissance Partners YZi Labs
The initiative was backed by a memorandum of understanding (MOU) signed with YZi Labs, another investment firm co-founded by crypto billionaire Changpeng Zhao (CZ). According to China Renaissance, the $100 million BNB assets will enable it to participate in the BNB Chain ecosystem, which it believes offers opportunities that will yield competitive returns.
Through the partnership, the firm will also collaborate with China Asset Management and other ecosystem players to develop fund-based products and promote Web3 initiatives. It also aims to support the listing of BNB on licensed, regulated crypto exchanges in Hong Kong.
With YZi Labs’ backing, the company also plans to launch a multi-million-dollar Real World Assets (RWA) fund. It believes the move will encourage Hong Kong-listed companies to adopt BNB blockchain technology when using stablecoins and RWA applications.
YZi Labs will also provide China Renaissance with advisory and ecosystem connections. While the MOU is non-binding and subject to definitive agreements, the company emphasized that the partnership will remain long-term. It believes the collaboration will aid its expansion into crypto assets, particularly the BNB ecosystem.
Not the First
Interestingly, the firm’s partnership with YZi Labs is not the first time a traditional company has collaborated with a crypto firm. For example, Coinbase signed a multi-year partnership with Riot Games, becoming the exclusive crypto partner for major global esports competitions.
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