Following his four-month jail term for infringing anti-money laundering laws, Changpeng “CZ” Zhao, has bounced back to the crypto industry. Utilizing his company, YZi Labs (formerly known as Binance Labs), CZ has sunk $16 million into a burgeoning blockchain network, Sign. This blockchain-centric platform primarily zeros in on the secure distribution of tokens.
The sizeable investment into Sign is intended to boost its ability to scale globally. The target market comprises both ordinary users and AI-oriented entities. Despite CZ’s previous investment forays into the biotech realm, his latest move is indicative of his sustained interest in Web3, DeFi, and blockchain infrastructure.
With its inception back in 2021, Sign has shown rapid growth reaching up to $15 million revenue in 2024 from a modest $1.7 million in 2023. Xin Yan, Sign’s CEO, heaps praise on the Open Network (TON) blockchain for powering their impressive token distribution.
As part of their future plans, Sign has set its sights on extending its footprint globally. A significant part of this expansion will also include on-chain identity verification integration into blockchain adaptation ventures. This could potentially pave the way for collaborations with government bodies.
The funding round has seen the participation of other prominent investors such as Altos Ventures, HackVC, and Amber Ventures. This has further cemented Sign’s position in the token airdrop sector.