Changpeng ‘CZ’ Zhao, the former CEO of Binance, has announced the first investment from his new venture capital firm, YZi Labs.

The firm, previously known as Binance Labs, participated in a US$16 million funding round for Sign, a platform specializing in token distribution and on-chain credential verification.

Sign is recognized for its token airdrop services. It aims to streamline the distribution of new cryptocurrencies.

The platform addresses challenges such as token delivery discrepancies and participation from users with multiple accounts.