Binance Labs announced a new $500 million fund in June to invest in Web3 and blockchain projects.

Cryptocurrency exchange Binance has appointed co-founder Yi He to oversee its venture capital arm, Binance Labs, two months after it raised $500 million for a new fund focused on Web3 and blockchain investments.

Binance Labs, which focuses on early-stage investments, manages $7.5 billion in total assets across more than 200 portfolio projects, according to a press release. Portfolio companies include Ethereum sidechain Polygon, crypto exchange FTX and security firm CertiK.

Yi, who joined Binance just before its launch in 2017, will oversee global strategy and day-to-day operations of Binance Labs with a particular focus on supporting infrastructure projects and improving utility in crypto and blockchain projects.

She will continue her work with the parent company, including institutional businesses, marketing, Binance P2P and Earn.

During a CNN appearance on Wednesday, Binance CEO Changpeng Zhao said Yi is “very aggressive” and that Binance would be making “quite a lot of investments” in the near term. He also said Binance as a whole plans to continue hiring, with a target of expanding headcount from the current 6,000 to 8,000 by the end of the year.

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