Exclusive: YZi Labs leads $25M round for Sign – Crypto News – Crypto News
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Exclusive: YZi Labs leads $25M round for Sign Exclusive: YZi Labs leads $25M round for Sign

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Exclusive: YZi Labs leads $25M round for Sign – Crypto News

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9 months ago

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YZi Labs, the former venture arm of Binance, led a $25.5 million strategic investment round for Sign, Blockworks has exclusively learned. IDG Capital also participated in the round. 

In January, Sign raised $16 million from YZi Labs, which was also YZi’s first investment after being spun out from Binance after former Binance CEO Changpeng Zhao turned it into a family office. Sign has, in total, raised over $55 million in all three — seed, Series A and strategy — rounds. 

Sign builds digital infrastructure and plans to use the capital to expand its tech team, CEO Xin Yan told Blockworks. 

Sign is “actively seeking top talent in Hyperledger Fabric, zero-knowledge proofs and interoperability. Additionally, we are establishing local teams in each country,” Yan continued. 

Capital will also be used to expand various partnerships aimed at boosting the development of sovereign blockchain infrastructure.

“The crypto industry is currently rich in technology but poor in adoption,” Yan said. “Investors and our team believe it’s time to unite and tackle the biggest hurdle to crypto adoption: engaging with countries. Our goal is to implement progressive solutions that benefit nations while respecting existing regulations.”

The team currently works with Thailand and South Korea as well as “leading tech nations in Central Asia and the Middle East,” though Yan didn’t disclose specifics. 

“While the concept of blockchain for nations is new, we believe a progressive approach to new technology adoption is crucial. Tempo and other projects share this perspective. However, we anticipate being the first cryptocurrency company to implement a nationwide digital currency system, ahead of competitors like Ripple or Solana,” Yan said.

Additionally, Sign initiated buybacks of its native token SIGN through both open market purchases and private settlements. 

Now the team will move forward with securing national deals, as well as continuing to develop infrastructure.

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