Bill Qian is set to leave Binance Labs a few days after the VC raised a $500 million fund.

The head of Binance Labs, the venture capital arm of cryptocurrency exchange Binance, is about to leave the firm, according to a report.

Bill Qian is set to leave the firm soon, the Block reported, citing several people familiar with the matter. The firm’s executive director, Nicole Zhang, also left the firm last month, according to her LinkedIn profile.

Earlier this week, Binance Labs raised a $500 million fund to invest in upcoming web 3 and blockchain firms.

The fund received investment from DST Global Partners, Breyer Capital, Whampoa Group and other private equity funds.

Binance did not respond to request for comment, at press time.

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