YZi Labs, formerly known as Binance Labs, has spearheaded a significant strategic investment round, injecting $25.5 million into the digital infrastructure company Sign.
This latest funding follows a previous $16 million investment from YZi Labs in January, which marked the company's first investment after its rebranding. With this new capital, Sign has now amassed over $55 million in total funding, encompassing seed, Series A, and strategic investment rounds.
The company's CEO, Xin Yan, announced that the newly acquired capital will be strategically allocated towards expanding its technology team and broadening its global operational reach. Yan stated, "We are looking to add top talent to our team with expertise in Hyperledger Fabric, zero-knowledge proofs, and interoperability. We are also establishing local teams in each country."
The investment will also facilitate the expansion of several key partnerships, all focused on the development of sovereign blockchain infrastructure.
"The cryptocurrency sector is currently rich in technology but poor in adoption. Both our investors and our team believe it is time to overcome this biggest hurdle by collaborating with countries," Yan articulated. "Our goal is to develop innovative solutions that will benefit nations while respecting existing regulations."
The Sign team is actively engaged in collaborations with Thailand and South Korea, alongside prominent technology nations located in Central Asia and the Middle East.
"While the concept of blockchain for nations is new, we believe the technology needs to be adopted progressively. Projects like Tempo share this vision. However, we aim to implement a national-level digital currency system before competitors like Ripple or Solana," Yan added.