<\/p>\n
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.\u00a0<\/p>\n
In January, Sign raised $16 million<\/a> from YZi Labs, which was also YZi\u2019s first investment after being spun out from Binance after former Binance CEO Changpeng Zhao turned it into a family office<\/a>. Sign has, in total, raised over $55 million in all three \u2014 seed, Series A and strategy \u2014 rounds.\u00a0<\/p>\n Sign builds digital infrastructure and plans to use the capital to expand its tech team, CEO Xin Yan told Blockworks.\u00a0<\/p>\n Sign is \u201cactively seeking top talent in Hyperledger Fabric, zero-knowledge proofs and interoperability. Additionally, we are establishing local teams in each country,\u201d Yan continued.\u00a0<\/p>\n Capital will also be used to expand various partnerships aimed at boosting the development of sovereign blockchain infrastructure.<\/p>\n \u201cThe crypto industry is currently rich in technology but poor in adoption,\u201d Yan said. \u201cInvestors and our team believe it\u2019s 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.\u201d<\/p>\n The team currently works with Thailand and South Korea as well as \u201cleading tech nations in Central Asia and the Middle East,\u201d though Yan didn\u2019t disclose specifics.\u00a0<\/p>\n \u201cWhile 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,\u201d Yan said.<\/p>\n