BNB prepares for Wall Street: Binance co-founders back the launch of a public company in the US

YZi Labs, the family office that manages the assets of Binance's co-founders, has backed investment firm 10X Capital's initiative to create a public company in the US that will hold reserves in BNB. This isn't just PR - it's about trying to legalise and institutionalise BNB in the US financial market, where the token still remains under suspicion from regulators.

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The new entity, BNB Treasury Company, is planning an IPO in the US to make BNB an asset available to ordinary investors and funds through shares rather than directly through crypto exchanges. This potentially expands the BNB market beyond the crypto community, creating a "wrapper" with a legally clear status and eliminating the need for investors to hold the token directly.

The support from YZi Labs is iconic. While the co-founders of Binance themselves no longer run the exchange directly (especially after Zhao's departure under pressure from the SEC), they still hold a significant stake in BNB Chain, and have a vested interest in preserving its value.

But the outlook is not clear: BNB itself remains under legal question in the US. The project is apparently testing the boundaries of what is acceptable, and will become an indicator of how deeply crypto can be embedded in stock mechanisms without breaking the law.

BNB, formerly known as Binance Coin, which has a market value of around $98 billion, was created in 2017 as part of an ICO to launch the Binance exchange. At that time, 200 million tokens were issued, of which 80 million (about $10 billion) were reserved for the team, including Changpeng Zhao. The funds raised from the offering provided the financial foundation for the launch of the trading platform and the development of the Binance ecosystem.

Source: @yzilabs | GlobeNewswire