Despite a notable slowdown in recent weeks, the crypto corporate treasury sector remains very popular. Chinese bank China Renaissance clearly wants to apply this development model to the BNB cryptocurrency, with the support of Changpeng Zhao.
China Renaissance wants to create a BNB treasury
The number of publicly traded companies that have built up corporate treasuries boosted by cryptocurrencies has simply exploded since the beginning of the year. However, their track record remains mixed in the face of what some are already identifying as a bubble about to burst.
This observation is clearly not preventing new projects from being set up, as in the case of the Chinese bank China Renaissance, which is currently seeking financing to embark on this adventure through a fundraising campaign.
The plan is to focus on accumulating BNB, the utility token of the BNB Chain, which has historically been and continues to be closely linked to the Binance cryptocurrency exchange platform. But that’s not all, as its founder Changpeng Zhao (CZ) also appears to be involved.
Indeed, the information currently available on the subject indicates that Changpeng Zhao’s investment structure, the family office YZi Labs, is directly involved in this operation.
A $600 million fund
In fact, this cash dedicated to the accumulation of BNB initially involves a joint investment of $200 million from China Renaissance and YZi Labs, with each contributing $100 million. This should motivate investors to do the same, in order to raise a total of $600 million to launch this project in the United States.
According to information published by Bloomberg, this project follows a dinner recently organized by YZi Labs in Singapore to bring together a group of business leaders interested in setting up this type of treasury. The event, called “BNB Visionary Circle: Igniting the Next Trillion,” was attended by representatives from China Renaissance Bank.
The BNB cryptocurrency is currently experiencing a strong upward trend, reaching a series of historic highs since the end of September, exceeding the symbolic level of $1,000. This momentum could prove favorable for the implementation of such a project.
Notably, the president of China Renaissance Bank, Bao Fan, resurfaced last August following a two-year investigation by the Chinese authorities. At the same time, Changpeng Zhao is seeking a presidential pardon from Donald Trump so that he can resume his duties as head of Binance.
This context is clearly favorable for the establishment of a corporate treasury dedicated to the accumulation of BNB. We can only hope that it will not meet the same tragic fate as Windtree Therapeutics, whose stock was delisted from the Nasdaq last August following its failure to comply with its rules.
