In a recent report by WSJ, it was revealed that Binance co-founder Yi He holds a significant stake in Binance’s holding company located in the Cayman Islands. With a minimum of 10% ownership, Yi He wields substantial influence over the marketing and investment aspects of the company. In fact, in the absence of CEO Changpeng “CZ” Zhao, she assumes the role of the largest shareholder within the firm.
Yi He, who previously worked as a talk-show host, has proven herself to be a visionary within Binance. One of her ambitious proposals involved establishing a movie studio similar to Netflix. She even envisioned a Marvel Cinematic Universe-style series featuring early Binance employees as heroes. However, this idea was eventually discarded, making way for other ventures.
Under Yi He’s leadership, Binance introduced “Build the Block,” a series reminiscent of the popular show “Shark Tank,” where crypto entrepreneurs pitched their projects for potential Binance investment. What set this show apart was the use of computerized avatars for both contestants and judges, making it the first reality show based on the metaverse concept. Despite the debut episode featuring Yi He as a guest judge, the show faced numerous difficulties, leading to the layoff of a producer assigned to it.
Throughout 2022, Yi He fought for a Binance project involving the sale of digital identities from Palau to outsiders for a price of $248. The goal was to provide access to Binance’s trading platform to residents of countries where it was restricted. Despite concerns about potential reputational and legal risks, Yi He remained steadfast in pursuing this plan. It appeared she aimed to create a backdoor for Chinese users. However, the company later announced that no partnership had been established after conducting due diligence.
While Yi He’s influence within Binance continues to grow, the co-founder’s journey has not been without challenges. In contrast, CZ, still under a federal judge’s order, is unable to leave the United States until his sentencing hearing. In a recent court hearing, Judge Richard Jones denied CZ’s request to travel abroad. The exact reasons for this decision were kept confidential, sealed by the court. However, CZ’s legal team hinted that it possibly pertained to undisclosed medical information.
As Yi He takes center stage, her strategic vision and decision-making will play a crucial role in shaping the future of Binance. With her successful track record and determination, it is clear that she is not one to shy away from challenges. As Binance navigates the complex landscape of the cryptocurrency industry, Yi He’s presence will undoubtedly leave a lasting impact on the company’s direction and growth.