Crypto’s Richest Man Turns VC Firm Into Giant Family Office.

Changpeng “CZ” Zhao, a few months out of prison and worth $70 billion thanks to the relentless crypto rally, is turning the former venture capital arm of his Binance Holdings Ltd. into a family office.

Binance Labs, which oversees about $10 billion of crypto-related assets, will be renamed YZi Labs, according to a statement on Thursday. Zhao brought back Ella Zhang, who helped set up Binance Labs in 2018 and left two years later, to run the outfit. YZi Labs will also manage the wealth of Binance co-founder Yi He, with whom Zhao has three children.

There’s no immediate need for Zhao to inject more money into YZi Labs, Zhang said. His $69.8 billion fortune is ranked 22nd in the world by the Bloomberg Billionaires Index, which estimates it to consist entirely of his stake in Binance Holdings.

Source: BLOOMBERG