A crypto researcher by the handle of plutos on X pointed out that Binance founder Changpeng Zhao is backing a new prediction platform that could rival Polymarket and other firms in this space. As per the X post, Opinion% is backed by YZi Labs to the tune of $5 million.
Zhao responded to the tweet but promptly deleted it later on.
“We are just a minority investor, but we try to help with adding strategic value,” read his response.
As per a press release, YZi Labs is the result of a recent rebrand from Binance Labs, which was done to assume an independent identity and branch out its investments into more sectors such as Biotech, Web3, and AI.
The update stated that while the change in name was done for brand uniqueness, Changpeng Zhao will be playing a key role in determining investment activities, engaging with founders, and offering them mentoring and coaching services.
As of now, the two biggest competitors in the prediction platform market are Kalshi and Polymarket.
Zhao posted about YZi Labs a day before deleting his response to the tweet, highlighting his involvement with the investment group.