China Renaissance Holdings Ltd. is in talks to raise approximately $600 million for a public vehicle that would invest in a cryptocurrency with close ties to Binance Holdings Ltd.
The Beijing-based Chinese investment bank, whose former chairman Bao Fan was released from detention in August, plans to partner with YZi Labs, the family office of Binance co-founder Changpeng Zhao, according to a Bloomberg report published on Monday.
Together, China Renaissance and YZi Labs intend to invest $200 million in the deal. China Renaissance revealed in a statement in August that it would invest approximately $100 million in BNB, the token linked to Binance.
If the fundraising effort is successful, the $600 million would be used to establish a digital asset treasury company in the United States. This publicly traded vehicle would focus on accumulating the BNB token.
Changpeng Zhao, who backs YZi Labs, was released from federal custody in the United States last year.
Source: Investing.com
