YZi Labs, the former venture arm of Binance, led a $25.5 million strategic investment round for Sign, Blockworks has exclusively learned. IDG Capital also participated in the round.
In January, Sign raised $16 million from YZi Labs, which was also YZi’s first investment after being spun out from Binance after former Binance CEO Changpeng Zhao turned it into a family office. Sign has, in total, raised over $55 million in all three — seed, Series A and strategy — rounds.
Sign builds digital infrastructure and plans to use the capital to expand its tech team, CEO Xin Yan told Blockworks.
Sign is “actively seeking top talent in Hyperledger Fabric, zero-knowledge proofs and interoperability. Additionally, we are establishing local teams in each country,” Yan continued.
Capital will also be used to expand various partnerships aimed at boosting the development of sovereign blockchain infrastructure.
“The crypto industry is currently rich in technology but poor in adoption,” Yan said. “Investors and our team believe it’s time to unite and tackle the biggest hurdle to crypto adoption: engaging with countries. Our goal is to implement progressive solutions that benefit nations while respecting existing regulations.”
The team currently works with Thailand and South Korea as well as “leading tech nations in Central Asia and the Middle East,” though Yan didn’t disclose specifics.