YZi Labs, the venture investor closely connected to former Binance CEO Changpeng “CZ” Zhao, is teaming up with 10X Capital to create a new company called the BNB Treasury Company. This company wants to be listed on a major U.S. stock exchange so American investors can invest in BNB, a popular cryptocurrency ranked fourth in the world by market cap. The firm aims to focus only on the BNB Chain.
As per the company’s statement, the BNB Treasury Company, which is being created to invest in the cryptocurrency BNB and list on a U.S. stock exchange, will be partly run by David Namdar. He’s a senior partner at 10X Capital and helped start Galaxy Digital, a company focused on crypto.
The firm has not stated which stock exchange it will choose or how much money it plans to raise. This partnership is a part of a recent trend where companies are holding large amounts of cryptocurrencies, like Bitcoin, following the success of Michael Saylor’s company, called Strategy. Recently, Nano Labs, a company listed on Nasdaq, bought $50 million worth of BNB, which increased its crypto holdings to $160 million.
According to Ella Zhang, the head of YZi Labs, BNB is important for the BNB Chain, acting like fuel and a foundation for a decentralized system. She believes making BNB available to more investors could benefit many people. However, YZi Labs is careful about who they work with and will only share official partnership news through their channels.
YZi Labs, which used to be called Binance Labs, manages over $10 billion in assets. Earlier this year, Changpeng “CZ” Zhao, former Binance CEO, started taking a bigger role in YZi Labs’ investments, calling it a family investment business.
YZi Labs is focusing on BNB because big investors are increasingly interested in cryptocurrencies. The new company aims to let U.S. investors safely invest in BNB through a regulated, publicly traded company.
Also Read: BNB Foundation Burns 1.59M BNB Worth $1.02B in 32nd Token Burn
