Yi He
Yi He is a Chinese entrepreneur and investor who co-founded Binance, the world's largest cryptocurrency exchange, with Changpeng Zhao. She leads Binance's business, marketing, and branding strategy and is the head of Binance Labs, the company's venture capital arm. [2] [3] While she previously served as Chief Marketing Officer (CMO), that role was filled by Rachel Conlan in September 2023. Yi He often refers to herself as the "Chief Customer Service Officer," though she does not formally manage the customer service team. [2]
She was previously involved with the cryptocurrency exchange OKX (formerly OKCoin) and also served as Vice President for the mobile video tech company, Yixia Technology. [8]
Early Life & Education
Yi He was born on November 15, 1986, in China. [4] She grew up in a rural village in Sichuan province, where her parents worked as teachers. Her father passed away when she was nine years old. [2] In an interview, she described her background as coming from a "very small village and a very poor family”. [13] She later graduated from what she has described as an "unknown college." [4]
Career
Pre-Crypto Career
Yi He's first job was promoting a new soft drink by giving out free samples in front of a supermarket. [19] She also worked as a teacher and an assistant psychotherapist. [3]
In 2012, her career in the media industry began when she became a host for a televised travel show, "Beautiful Destinations," which took her across China and other parts of Asia. She left the media industry in July 2014 to join a startup. [2] [20]
OKCoin
Yi He was introduced to Bitcoin in 2013. In 2014, she joined the cryptocurrency exchange OKCoin (now OKX), a year after its founding. While she is often credited as a co-founder, her primary role was leading the company's branding and marketing strategy. During her time at OKCoin, she hired Changpeng Zhao as the company's Chief Technology Officer. Under her marketing leadership, OKCoin became the largest cryptocurrency-to-fiat exchange in China as of 2015, capturing 60% of the Chinese market share. [2] [5] [6][14]
Yixia Technology
In December 2015, Yi He joined the mobile video-sharing tech company Yixia Technology as Vice President. She handled product management and marketing operations, contributing to a fundraising strategy that valued the firm at over $3 billion. She also created the live-broadcasting platform “Yi Zhi Bo," which was later acquired by the social network company Weibo. [3] [8][9]
Binance
In 2017, Changpeng Zhao recruited Yi He to co-found Binance. She played a critical role in the company's launch, helping rewrite the white paper for Binance's $15 million Initial Coin Offering (ICO). [5] She leveraged her reputation in Chinese-speaking crypto circles to promote the new exchange, acting as a prominent evangelist on social media platforms like Weibo, Telegram, and WeChat. [2] Under her leadership, Binance grew into the world's largest cryptocurrency exchange within months. [4]
As a key member of the founding team, Yi He has been responsible for many of Binance's key initiatives, including its educational programs and the launch of its venture investment arm, Binance Labs. [9]
On August 3, 2022, Yi He was appointed head of Binance Labs. She leads the global strategy and day-to-day operations of the VC arm, with a vision to drive the adoption of Web3 and blockchain technology. As of October 2023, Binance Labs had over $9 billion in assets under management with a portfolio of over 250 projects. [3] [15]
In June 2023, Radiant Capital, a decentralized finance protocol, secured a $10 million investment from Binance Labs under Yi He's guidance. She emphasized Radiant's potential for driving broader adoption through its cross-chain capabilities. [23]
Public Persona and Influence
In Chinese online communities, Yi He is known as "the First Sister in the Coin Circle." Compared to Changpeng Zhao, she maintains a relatively low-key public profile, particularly in the English-speaking world, citing a shaky grasp of the language for giving few interviews in English. [2]
Yi He is also a blockchain and cryptocurrency thought leader, regularly speaking at industry events and contributing to the development of the industry.
Relationship with Changpeng Zhao
Yi He has a long-standing professional relationship with Changpeng Zhao (CZ). She first hired him as CTO at OKCoin in 2014, and he later recruited her to co-found Binance in 2017. [5]
Beyond their professional collaboration, media outlets have reported that they are in a romantic relationship and have two children together. A Binance spokesperson confirmed in 2022 that their relationship pre-dated the company's founding. Yi He has been described as "cagey" about the relationship in public, likening it to being "comrades-in-arms" in a Bloomberg interview. [2]
Interviews
Personal Growth
On July 15th, 2022, the first interview given in English by Yi He was released where she highlights the importance of challenging oneself as well as what it takes to become successful. Throughout the interview, she talks about her willingness to challenge herself and take risks in her career. For example, when she left her role in media to enter the blockchain industry for the first time, she actually didn't find it too difficult. [17]
"My talent has always been trying to challenge myself. I think a lot of people set limits for themselves so they just keep enjoying life and want to stay where they feel comfortable.”
She also stated that she believes blockchain technology and cryptocurrencies have the power to existing financial systems. [17]
“I felt it really had the potential to help people globally. I came to the decision to join very fast. I believed it would be the future.”
Yi He also recognizes that success is a team effort and that it is important to hire the best people, highlighting the importance of collaboration. [17]
"The biggest challenge that we face is making sure we hire the best people in the world.""No one can be successful on their own"
In the interview, she also explained that the reason behind CZ being the face of the company was because he suited the role better than she did, despite the pair of them being the ones who founded the company together. [17]
"CZ is definitely a better candidate to be the public face of the company. He’s like the captain, or the driver and if the company has too many public figureheads that would make people confused."
Investment Strategies
On September 19th, 2022, Yi took part in an interview going over her investment strategies for Binance Labs. Firstly, she stated that the team was looking out for projects that would benefit the company long-term and are still in their early stages. She also believes that the bear market is a good investment opportunity as it helps get rid of projects that lack a solid foundation. [18]
"We all know it’s a good investment opportunity in a bear market, as many teams that only look to make some quick money would be forced out of the industry. It’s good timing now to support those who really want to run a good business and believe in this industry.
Yi also added that the team looks for projects that would benefit the company regardless of the conditions of the market, but make bolder, yet calculated, investment decisions during bear markets.
"We generally figure out what we really want no matter if we’re in a bull or bear market. In a bear market, I think we should make investments more aggressively, but not just for the sake of investing."
Yi highlights that there are three types of companies that Binance Labs is looking at, those that build the infrastructure, those that run all kinds of blockchain applications, and those that provide blockchain-related services.
"There are three types of companies we’re looking at. The first type are those that build the infrastructure. The second type of projects we’d invest in are those that run all kinds of blockchain applications. The third type of companies we’re looking at are those that provide blockchain-related services to support the better development of the industry, such as data security."
Yi's Advice for Women
On March 8th, 2023, Yi He stated that she believes that women need to focus on culminating the mindset to succeed in the Web3 space. She said that women should "never set a limit" on themselves, and instead, be assertive, take ownership, and focus on becoming good business leaders regardless of their gender. Yi emphasized that everyone must focus on three key components: mindset, growth management, and decision-making. Yi noted that nearly 30% of senior leaders at Binance are women who report directly to the company’s CEO, Changpeng “CZ” Zhao. In an effort to promote education and provide opportunities for women, Binance Charity announced its initiative to provide over 30,000 Web3 scholarships over the next year, with some of the scholarships specifically targeting women-centered organizations in developing countries. [16]
“Forget your gender. Don’t focus on the fact that you’re a woman in a man’s world. Instead, focus on how to be a good business leader, regardless of being a man or woman.”
Regulatory Views
On June 28, 2023, Yi He discussed the global trend of cryptocurrency regulation in a Bloomberg interview, acknowledging its inevitability and potential benefits. Her remarks came amid regulatory challenges faced by Binance and its CEO Changpeng Zhao. Yi He emphasized the importance of compliance, suggesting that Binance's commitment to regulatory alignment sets it apart in the industry. She cautioned against confrontational approaches to regulation, noting that cooperation with government agencies is more effective. Most notably, she stated that if Binance is found guilty of not being compliant with regulations, all crypto trading platforms would be found guilty as well. [21][22]
“If they really took the time to understand our industry, they would see that if Binance isn’t compliant, then practically no other global trading platform or offshore company is.”[1]
Philanthropy
Yi He spearheaded the creation of Binance Charity, the company's non-profit organization dedicated to using blockchain for transparent philanthropy. As of October 2023, the foundation has raised over $30 million in donations and reached more than two million beneficiaries. Key campaigns include Lunch for Children, Web3 scholarships, and the Pink Care Project, which addresses period poverty. [3]
Some of its notable initiatives include:
- Binance Charity Foundation: Founded by Binance in 2018, with the goal of using blockchain technology to enhance transparency and efficiency in the global charity sector. It has carried out several initiatives, including providing relief aid to disaster-stricken areas and helping to educate underprivileged children.
- Binance for Children: A campaign launched by Binance Charity Foundation in 2019, aimed at helping children in need around the world. As part of this initiative, Binance has donated funds to organizations working in education, healthcare, and other areas to support children's development.
- Binance COVID-19 Relief Fund: In response to the COVID-19 pandemic, Binance established a relief fund in 2020 to provide financial support to organizations and individuals affected by the crisis. The company also launched a fundraising campaign, encouraging its users to donate funds, which were then distributed to those in need.