TL;DR
- YZi Labs, formerly Binance Labs, invests $16 million in Sign, a platform for token distribution and blockchain-based verification.
- Sign reported revenue growth from $1.7 million in 2023 to $15 million in 2024, driven by the popularity of airdrops on the TON blockchain.
- Changpeng Zhao, Binance’s founder, returns with a strategic role at YZi Labs after serving a prison sentence in 2023.
YZi Labs, the venture capital arm previously known as Binance Labs, has announced its first investment under its new identity. The firm has led a $16 million funding round for “Sign”, a platform founded in 2021 that aims to simplify token distribution and establish verification standards on the blockchain. Other participants in the round included Altos Ventures, HackVC, and Amber Ventures.
Sign is recognized for its suite of innovative tools, such as TokenTable, a system that helps project founders manage token launches and airdrops with clear rules and identity verification. This technology addresses common issues like unequal token distribution, fraudulent bot activity, and inefficiencies that can hinder the success of token ecosystems.
According to Xin Yan, Sign’s CEO,
“The TON blockchain was a catalyst for our growth due to its massive user base and the increase in large-scale airdrops.”
This model has driven the platform’s exponential revenue growth in just one year and established Sign as a leader in token management solutions.
CZ and the Future of YZi Labs
After his release in September 2023, Changpeng Zhao (CZ), Binance’s founder, has focused on innovative projects spanning artificial intelligence, biotechnology, and blockchain. Under his leadership, YZi Labs has positioned itself as a firm with over 250 projects in its portfolio, including Sky Mavis and Polygon, managing assets valued at approximately $10 billion.
“Rebranding to YZi Labs symbolizes a renewed commitment to exploring transformative sectors like AI and biotechnology,”
Zhao highlighted in a recent statement.
The investment in Sign aligns with YZi Labs’ mission to strengthen the foundational infrastructure of Web3. In a landscape where nearly 1 million new cryptocurrencies are created weekly, according to Coinbase CEO Brian Armstrong, platforms like Sign become crucial for ensuring transparency and trust in the blockchain ecosystem.
With the funds raised, Sign plans to expand its operations globally and collaborate with governments to implement blockchain-based identity verification, demonstrating that the technology can extend beyond the financial sector.
This move marks CZ’s strategic return to the cryptocurrency community, with a renewed focus on innovation, transformative projects, global expansion, and solutions that promise to revolutionize the industry.
