Vana (VANA) price surged during the early hours of the Asian session on Tuesday in response to reports that YZi Labs (formerly Binance Labs) was investing in the platform.
Vana is a pioneering crypto-AI startup focused on data ownership. Its decentralized Layer-1 (L1) blockchain was designed to give users control over their data.
YZi Labs Invests in Vana With CZ As Advisor
According to BeInCrypto data, the VANA token was up by almost 35% to trade for $8.37 as of this writing.
VANA Price Performance. Source: BeInCrypto
The surge follows YZi Labs’ decision to invest in Vana, marking its first AI investment since rebranding from Binance Labs. According to YZi Labs, the investment marks the first step in unlocking AI’s next frontier.
“YZi Labs has expanded its focus beyond Web3 to include investments in AI and biotech, reflecting our commitment to pushing the boundaries of transformative innovation,” said Andy Chang, Investment Director at YZi Labs.
Vana confirmed the investment in a post on X (Twitter), indicating Binance founder Changpeng Zhao’s (CZ) involvement. According to the announcement, CZ will advise the pioneering crypto-AI startup.
“We’re thrilled to announce YZi Labs strategic investment in Vana and to welcome CZ as an Advisor as we advance the Data Layer for AI alongside our expanding DataDAO ecosystem,” read the announcement.
Notably, details on the investment structure and valuation after the round remain undisclosed. According to Vana founder Anna Kazlauskas, they completed the round in January, with YZi Labs as the sole investor.
Before this funding round, Vana had raised $25 million from leading funds such as Paradigm, Coinbase Ventures, and Polychain Capital. With the new funding from YZi Labs, Vana aims to expand the DataDAO ecosystem.
It will launch Data Tokens for over 16 DataDAOs and attract more data contributors. Vana will also support multiple new DataDAOs and broaden the application of data financialization.
The backing of YZi Labs and CZ could make Vana a notable player in the AI and blockchain spaces. Data ownership is becoming an increasingly central issue in the tech industry.
As BeInCrypto previously reported, Binance Labs’ rebranding to YZi Labs made it an independent entity. However, it also enabled CZ to participate actively in its operations. The move was a skillful maneuver to sidestep his lifetime ban from working at Binance.
