Changpeng Zhao, better known in the crypto industry as CZ, is joining artificial intelligence startup Vana as an advisor.
YZi Labs, the venture capital firm recently rebranded from Binance Labs, announced the strategic investment and CZ advisor on Feb. 24.
“We’re thrilled to announce YZi Labs’ strategic investment in Vana and to welcome CZ as an advisor as we advance the Data Layer for AI alongside our expanding DataDAO ecosystem,” Vana posted on X.
The move is part of YZi Labs’ investment in Vana, the first the CZ-led firm is taking in an AI protocol since the rebranding early this year. According to the announcement on Feb. 24, YZi Labs’ backing and CZ’s role as advisor will help Vana expand its reach as a layer 1 blockchain for AI data and interoperability.
YZi Labs and CZ’s bet on AI, blockchain and biotech
CZ, the founder and former chief executive of Binance, is making a huge comeback in the crypto industry following his release from U.S. custody.
Before doing his four-month prison time, Zhao had agreed to step down as Binance CEO. This came as he pleaded guilty to money laundering violations in November 2023, with Binace agreeing a $4.3 billion settlement with U.S. authorities.
While he returned to the crypto scene following his release, his plea deal with the U.S. Department of Justice meant he could not return as CEO of the crypto exchange. Zhao confirmed this during the Binance Blockchain Week in Dubai in November.
However, he reiterated his plans of focusing on other things in crypto. Apart from the crypto education initiative with Giggle Academy, he said he looked forward to participating more in the investment space. The three major areas he sought to dive into were blockchain, AI and biotech.
Taking the helm of Binance Labs, now YZi Labs, aligns with this ambition. After a recent $16 million investment in token airdrop platform Sign, YZi Labs is eyeing AI growth with Vana.
Vana, an open protocol for data sovereignty, looks to bring the benefits of blockchain technology and staking to data creators amid growth in the AI economy. Businesses, researchers and developers can leverage the L1 for high quality datasets while remaining in control of their data.
Commenting on the development, YZi Labs director of investment Andy Chang noted:
“Data sovereignty is becoming a critical issue as AI advances, and Vana is pioneering a model where individuals retain control over their data while enabling groundbreaking AI research. We’re excited to support their mission to redefine how data is accessed, shared, and leveraged in the AI economy.”
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