Binance's $7.5 Billion Portfolio Manager to Invest in Web3.0 Amid Bear Market

Binance Lab's portfolio manager Yi He sees potential in web 3.0 projects as the crypto market slumps.

The venture capital head is looking to invest in web 3.0 infrastructure, applications, data, analytics, security and more. Binance announced a return of 2,100% since its inception in 2018. Yi He, Binance's multibillion-dollar portfolio manager who helped found the cryptocurrency exchange in 2017 alongside CEO Changpeng Zhao, has declared the down crypto market as an ideal time to invest in web 3.0 projects. "This is the perfect moment for Yi to take on a bigger role at Labs, as this market presents a unique opportunity to identify projects with the ambition to succeed in challenging market conditions," said Zhao, who recently announced that Yi He has been named head of Binance Labs' incubation and investment unit. The venture capital head also noted that he has aggressive plans for the world's largest cryptocurrency exchange, managing $7.5 billion in assets across more than 200 projects for Binance. According to him, the current bear market conditions provide an excellent opportunity to invest in early-stage projects that offer long-term benefits, while the tough economic conditions help filter out "copycat" projects that only enter the industry to make a quick buck. In August, Binance Labs announced that it had returned 2,100% since its inception in 2018. Some of the returns are a contribution from the crypto exchange's various investments, including the win-win game Axie Infinity, the layer 2 blockchain Polygon, the metaverse game The Sandbox, and the win-win app STEPN. In addition, Binance Labs closed a $ 500 million investment fund in June with partners such as internet investment firms DST Global Partners (NYSE: GLP) and Breyer Capital. Source: coinedition Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!