Vana (VANA) Experienced a Massive Surge as YZi Labs Invests
The early hours of the Asian session on Tuesday saw a significant surge in the price of Vana (VANA) following reports of YZi Labs (formerly Binance Labs) investing in the innovative platform.
Vana is a groundbreaking crypto-AI startup that prioritizes data ownership. Its decentralized Layer-1 (L1) blockchain empowers users by granting them control over their data.
Investment news from YZi Labs set the VANA token on a swift upward trajectory, soaring by a remarkable 35% to reach $8.37 at the time of publication.
The decision by YZi Labs to invest in Vana marks the company's inaugural foray into AI investments post their rebranding from Binance Labs. This move is described by YZi Labs as the initial stride in unlocking the next exciting chapter in AI advancement.
Andy Chang, Investment Director at YZi Labs, shared, “YZi Labs has broadened its horizons from Web3 to encompass AI and biotech investments, underlining our dedication to pushing the boundaries of transformative innovation.”
Vana officially confirmed the investment via a post on X (Twitter) disclosing the involvement of Binance founder Changpeng Zhao (CZ). CZ is poised to provide advisory support to the trailblazing crypto-AI startup.
The post articulated, “We are thrilled to announce the strategic investment in Vana by YZi Labs, and we enthusiastically welcome CZ as an Advisor as we propel forward the Data Layer for AI alongside the expansion of our DataDAO ecosystem.”
Although the specifics regarding the investment structure and post-round valuation have not been disclosed, Vana's founder Anna Kazlauskas revealed that the funding round was finalized in January, with YZi Labs being the sole investor.
Prior to this round, Vana had amassed $25 million in funding from prominent entities like Paradigm, Coinbase Ventures, and Polychain Capital. With the fresh infusion of capital from YZi Labs, Vana aims to scale up the DataDAO ecosystem.
The company plans to introduce Data Tokens for more than 16 DataDAOs to attract additional data contributors. Vana will also facilitate the launch of multiple new DataDAOs and expand the horizons of data financialization applications.
With the backing of YZi Labs and CZ, Vana is poised to make a substantial mark in the realms of AI and blockchain. The significance of data ownership has been steadily gaining traction within the tech industry.
As highlighted in previous reports by BeInCrypto, the rebranding of Binance Labs to YZi Labs transformed it into an autonomous entity, allowing CZ to actively participate in its endeavors. This strategic move adeptly circumvented his lifetime ban from Binance operations.