YZi Labs, the family office founded by Binance co-founder Changpeng “CZ” Zhao, may open up to external investors, according to reports from RialCenter.
The $10 billion investment company, previously known as Binance Labs, is considering converting into an investment fund, as stated by YZi Labs head Ella Zhang.
“There’s always a lot of external investors interested and we will eventually consider turning it into an external-facing fund,” Zhang remarked.
While YZi is well-versed in Web3 investments, it is “still early” in artificial intelligence (AI) and biotech, Zhang noted.
“We’re forming our team; once we have that expertise, we’ll be open to external investors,” she added.
YZi Labs rebranded from being Binance’s venture capital arm to Zhao’s family office shortly after his release from prison following a four-month sentence for not establishing an adequate know-your-customer program at Binance.
As part of his guilty plea, he stepped down as Binance CEO and has since focused more on YZi Labs, which manages the wealth of Zhao and fellow Binance co-founder Yi He, who is also his longtime partner.
Family offices typically do not accept external investors, as they manage the wealth for a single family and do not seek funds from outside sources.
YZi Labs has not yet provided comments on the matter.
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