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BitcoinSistemi 2025-01-28 18:44:09

Binance Founder CZ is Back in the Field: His Startup Invests $16 Million in Surprise Project

Binance Founder CZ is Back in the Field: His Startup Invests $16 Million in Surprise Project

Binance billionaire founder Changpeng Zhao (CZ) is making a bold return to the crypto space after serving a four-month prison sentence in the United States for legal violations. Today, Zhao’s newly founded venture capital firm YZi Labs announced its first major investment, a $16 million funding round in Sign, a platform focused on simplifying token distribution and on-chain identity verification. Zhao said the following regarding the issue in his shared message: “Proper distribution builds trust, and verification is a big part of that. As more people move on-chain, it becomes a critical part of this underlying infrastructure.” Sign specializes in tools for distributing newly released cryptocurrencies, particularly through airdrops, a method of rewarding early adopters or incentivizing participation in blockchain projects. Unlike Bitcoin, which relies on mining for token distribution, airdrops have become a popular mechanism for new projects, especially as the number of cryptocurrencies continues to grow. According to Coinbase CEO Brian Armstrong, more than 1 million cryptocurrencies are being created per week, driven by advances in artificial intelligence and blockchain tools. Airdrops have become a key strategy for these projects to increase liquidity and build trust, but the process is often criticized for inefficiencies like unverified recipients or a shortage of tokens. Related News: Hot Moments: Suspicion of Insider Trading Scam Spreads in This Altcoin - There is a Big Decline in its Price To address these issues, Sign developed TokenTable, a platform that enables secure token launches and airdrops by enforcing strict rules and verifying participant identities. The startup’s CEO and co-founder Xin Yan explained that the company’s revenue is expected to grow from $1.7 million in 2023 to $15 million in 2024, largely driven by its success on the TON blockchain. Sign plans to use the funding to expand globally and help governments adopt blockchain technology through on-chain identity verification. Other participants in the funding round included Altos Ventures, HackVC, and Amber Ventures. YZi Labs, formerly Binance Labs, manages $10 billion in crypto-related assets. Described as a venture capital and incubator firm, YZi Labs has focused on investing in artificial intelligence, biotech and blockchain companies under Zhao’s leadership. The investment is Zhao’s first foray into the crypto world since his release in September. Despite his legal troubles, Zhao remains one of the richest people globally, ranking 24th with an estimated net worth of $60 billion. *This is not investment advice. Continue Reading: Binance Founder CZ is Back in the Field: His Startup Invests $16 Million in Surprise Project

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