Binance, one of the world’s largest cryptocurrency exchanges, has been making headlines recently due to the rise of its co-founder, Yi He. As reported by the Wall Street Journal (WSJ), Yi He holds at least a 10% share in Binance’s Cayman Islands holding company, giving her significant influence over the marketing and investment sectors of the company. But who is Yi He, and what impact has she had on Binance?
Yi He, a former talk-show host, quickly rose through the ranks of Binance and now assumes the role of the largest shareholder in the absence of CEO Changpeng “CZ” Zhao. The WSJ report reveals a fascinating side of Yi He’s entrepreneurial spirit, with claims that she proposed an ambitious project to establish a movie studio similar to Netflix. This venture would have featured a Marvel Cinematic Universe-style series, starring early Binance employees as heroes. Though the concept was captivating, it was ultimately abandoned.
Under Yi He’s leadership, Binance took a different direction and launched “Build the Block,” a reality show reminiscent of “Shark Tank.” In this series, crypto entrepreneurs pitched their ideas to secure Binance’s investment. What stood out about this show was its integration of computerized avatars for contestants and judges, making it the first metaverse-based reality show.
However, despite Yi He’s involvement as a guest judge in the debut episode, “Build the Block” faced challenges. The show’s producer was laid off, highlighting the difficulties of bringing innovative ideas to fruition. It serves as a reminder that even with the brightest minds and significant resources, success in the ever-evolving crypto world is not guaranteed.
Throughout 2022, Yi He pushed for a Binance project that aimed to sell digital identities from Palau to users worldwide. The goal was to provide access to Binance’s trading platform for residents of countries where it was restricted. Despite warnings of reputational and legal risks, Yi He persisted in pursuing the plan, hoping to create a backdoor for Chinese users. However, Binance later announced that they had not proceeded with any partnership after conducting due diligence.
With her increasing influence and involvement in various projects, Yi He appears to be inching closer to the spotlight within Binance. In contrast, CEO CZ continues to face legal restrictions, as he is not allowed to leave the United States. A federal judge ordered this limitation pending CZ’s sentencing hearing. During a recent hearing, Judge Richard Jones rejected CZ’s request to travel abroad, although the specific grounds for the motion were undisclosed to the public.
While CZ’s legal battles continue, Yi He emerges as a prominent figure within Binance, shaping the company’s future and exploring new possibilities in the crypto world. Only time will tell how her vision and influence will drive the evolution of Binance and the broader cryptocurrency ecosystem.
Yi He’s journey from a talk-show host to co-founder and influential figure at Binance showcases her ambition and vision. The WSJ report sheds light on her impactful proposals, challenges faced, and her relentless pursuit of innovation. As Binance navigates through its current challenges, Yi He’s role and influence within the company will undoubtedly be instrumental in shaping its future direction.
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