Key Insights:
- China Renaissance to raise about $600 million for BNB treasury.
- Changpeng Zhao’s YZi Labs plans to participate in the fundraising with $200 million.
- BNB price hit a new all-time high of $1,370.55 today.
Chinese investment bank China Renaissance is in discussion with potential investors to raise about $600 million for a public fund to invest in a Binance Coin (BNB). Changpeng “CZ” Zhao’s family office YZi plans to put $200 million in a combined commitment with China Renaissance.
China Renaissance Upsizes BNB Treasury Plan with CZ’s YZi Labs
China Renaissance Bank plans to raise $600 million to establish a U.S.-based public fund that will invest in BNB, Bloomberg reported on October 13.
YZi Labs, the $10 billion family office of Binance co-founder Changpeng Zhao, plans to participate in the fundraising. This comes as YZi Labs plans to support ecosystem growth.
CZ’s investment arm is to invest $200 million alongside China Renaissance, according to people familiar with the matter. The family office expressed support for CEA Industries and B Strategy for establishing BNB treasury.
In August, China Renaissance claimed that it would invest about $100 million in BNB, the Binance-linked token. Last week, the firm has now upsized the deal amid massive ecosystem growth and network adoption.
YZi Labs’ Latest Push to Boost BNB Ecosystem
YZi Labs announced $1 billion in founder fund to support ecosystem growth. Both Binance co-founder CZ and Yi He are posting significantly on social media about the latest developments from the BNB Chain.
This caused a massive rise in transactions in a single day, setting a record of 26 million. DEX trading volume and daily active users have also jumped to new highs.
In terms of corporate treasuries, CEA Industries holds 480,000 BNB worth nearly $620 million. Last week, it purchased 61,112 BNB.
Another China-based firm Nano Labs holds 128,000 BNB in its corporate treasury. Meanwhile, B Strategy plans to raise $1 billion for establishing the largest BNB treasury.
Binance Coin Price Hits New ATH Today
BNB price pared some gains after rising over 16% to hit a new ATH today, with the price currently trading at $1,298. The intraday low and high were $1,197.26 and $1,370.55, respectively.
Furthermore, the trading volume has skyrocketed by 73% in the last 24 hours, indicating a massive interest among traders.
Binance coin price has recovered all losses during the crypto market meltdown. The recovery has fueled market speculation of the price hitting $2,000 soon, as the Coin Republic reported earlier.
The total open interest of Binance coin contracts across all crypto exchanges surpassed $2.65 billion, but is still below the recent highs of last week.
Total BNB futures open interest climbed over 30% over the last 24 hours. However, it has dropped 6% in the past 4 hours amid massive profit booking.