With fresh capital, blockchain platform Sign aims to help governments adopt blockchain solutions while enhancing token distribution and on-chain credential verification.
On Tuesday, January 28, Changpeng Zhao (CZ), the founder and former CEO of Binance, made his first investment in the crypto industry following his $4.3 billion settlement with US authorities, which included a four-month prison sentence. CZ’s sentence ended in September 2024, marking a turning point for the billionaire entrepreneur as he re-enters the industry with fresh investments.
According to a Fortune report, CZ participated in a $16 million funding round for Sign, a blockchain platform aiming to simplify token distribution and bring credential verification on-chain. The funding saw contributions from other investors including Altos Ventures, HackVC and Amber Ventures.
CZ Invests Through YZi Labs After Binance Exit
The Chinese born Canadian citizen made the investment through YZi Labs formerly known as Binance Labs. The venture capital arm of Binance recently rebranded to expand its scope of investments.
— YZi Labs (@BinanceLabs) January 28, 2025
Previously, the firm was primarily focused on the blockchain and digital assets sector, but with its new identity, it is now exploring investments in other industries such as artificial intelligence (AI) and biotechnology.
CZ had earlier hinted when he stepped down as the CEO of Binance as part of his settlement with US regulators that he plans to explore the biotech market with strategic investments after taking a break.
At the same time, he emphasized that he remained open to holding minority stakes in blockchain, Web3, and decentralized finance (DeFi) startups.
Despite the restrictions placed on him—which bar him from holding executive positions at Binance or significantly influencing its decision-making—CZ’s recent investment in Sign demonstrates that he is still actively engaged in the crypto industry.
According to Fortune’s report, the blockchain company plans to use the new capital to expand its global presence. Sign’s CEO and co-founder Xin Yan also disclosed that part of the funds will go into helping governments adopt the crypto economy and integrate it into their economies.
The move aligns with the broader trend of regulatory bodies worldwide exploring crypto-friendly policies and blockchain-based solutions for finance and identity verification.
Sign’s Revenue Surge Driven by TON Blockchain
Since launching in 2021, Sign has experienced significant growth between 2023 and 2024. The blockchain platform generated a revenue of $1.7 million in 2023 and in 2024, it recorded $15 million. CEO Yan attributed this rapid growth to the Open Network (TON) blockchain, which saw a major influx of token airdrops last year.
next“TON really boosted us because it has so many users. They have so many tokens and the tokens have so many recipients, so large-scale AirDrops became the norm,” Yan said.