Co-founder Yi will now lead Binance Labs, the company's venture capital arm and incubator, according to a statement released by Binance on Wednesday.

Bill Chin departed earlier in the year, the crypto market has been volatile, and venture capital investment has been hard to come by.

According to Binance CEO, "This is the right time for Yi to take on a greater role in Labs since this market gives an unique chance to find those projects with the resilience to flourish in challenging market circumstances."

According to a press statement, Binance Labs oversees $7.5 billion in total assets, including over 200 portfolio projects.

In addition, the lab asserts a return rate of 2,100%. Polygon, FTX, and CertiK are just some projects that Binance Labs has helped bring to fruition.

Binance Labs' most recent investments, according to Crunchbase, are Magic Square and Tatsumeeko. Recent news about Binance's investments outside of crypto has made headlines.