YZi Labs leads $25 million strategic financing for Sign, with participation from IDG Capital

YZi Labs led a $25 million strategic funding round for blockchain infrastructure project Sign, with participation from IDG Capital. In January of this year, YZi Labs invested $16 million in Sign, marking its first investment since its spinoff from Binance and the transition of former CEO Changpeng Zhao to a family office. To date, Sign has raised over $55 million in seed, Series A, and strategic funding rounds. Sign CEO Yan Xin stated that this round of funding will be used to expand the technical team, focusing on recruiting talent in Hyperledger Fabric, zero-knowledge proofs, and cross-chain interoperability, and establishing local teams in multiple countries. Funds will also be used to promote collaborative projects on sovereign blockchain infrastructure development. Yan Xin noted that the crypto industry is "rich in technology but poor in application." Sign plans to collaborate with national governments to promote digitalization, and has already partnered with Thailand, South Korea, and several countries in Central Asia and the Middle East. He stated that the team's goal is to become the first crypto company to implement a digital currency system at the national level, surpassing competitors such as Ripple and Solana. (Blockworks)