YZi Labs has now teamed up with 10X Capital to launch the BNB Treasury Company as its latest venture. The newly created asset manager will solely concentrate on the BNB ecosystem and intends to list on one of the large United States stock exchanges publicly.
David Namdar, a founding partner at Galaxy Digital and 10X Capital’s senior executive, will lead the company as its CEO. Namdar has experience at big institutions like Millennium Management before and has deep experience in digital finance to bring to the table.
The news follows Binance CEO Changpeng Zhao’s previous statement in which he mentioned more than 30 teams were currently active on BNB treasury-related projects.
The BNB Treasury Company will provide U.S.-based investors with regulated access to BNB, the fourth-largest crypto token by market capitalization.
The company will seek assets and projects only in the BNB Chain ecosystem with the objective to bridge the chasm between decentralized innovation and institutional capital.
Russell Read, 10X Capital’s Chief Investment Officer, will reinforce Namdar’s executive management. Read has held executive roles at CalPERS, Deutsche Bank, and the Alaska Permanent Fund.
BNB Treasury to raise capital through partnerships
However, another significant individual in the company is Saad Naja, a former executive at Kraken, currently sitting on the board for Exinity.
10X Capital has also retained Cohen & Company Capital Markets and Clear Street LLC to assist in the capital raising. These firms will help secure the funding to acquire a hefty sum of BNB to go into the company’s treasury holdings.
The initiative corroborates 10X’s prior success helping digital asset treasury firm Nakamoto, traded on Nasdaq under the ticker NAKA.
The two firms stated that the BNB Treasury Company will provide full asset disclosure and regular updates to the BNB Chain community. The project expects to close its funding round and start operations in the next weeks.
YZi Labs invests in over 300 startups in AI, Web3, and biotech. The firm focuses on early-stage companies with strong fundamentals.
Nonetheless, the creation of the BNB-focused treasury company is just one of the strategic steps in increasing regulated exposure to decentralized technology.
