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Binance hires Yele Bademosi to strengthen its position in Africa

Binance Labs, Yele Bademosi
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Binance, a global cryptocurrency exchange, has hired Yele Bademosi to join the firm’s expansion plans that are being implemented by Binance Labs.

According to a statement announcing the development, Bademosi will focus on “developing the blockchain ecosystem in Africa, as well as sourcing blockchain projects.”

He will also lead the Lagos chapter of Binance’s Incubation Program, a 10-week incubator beginning in March designed to help entrepreneurs deliver products with clear product-market fit.

Binance says Yele Bademosi is passionate about blockchain adoption at a global level. He told the firm, according to the statement, that his “mandate is to leverage blockchain to accelerate Africa’s transition to a sustainable and developed economy. I believe very strongly that blockchain adoption will come from frontier markets that will leapfrog the existing financial systems as well as governance and economic models.”

According to Binance, their new hire’s role at Binance Labs will be to “create trustless governance, economic & financial systems for Africa and to enable capital formation and efficient capital markets.”

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Prior to joining Binance Labs, Yele Bademosi founded Microtraction, one of Africa’s top angel funds based out of Lagos, and backed by African and global investors, including Michael Seibel, CEO of Y Combinator, and Pave Investments, an African multifamily office.

Yele has also made several investments in African startups, across sectors like crypto and financial services, and brings deep experience building startups from the ground up.

Since its launch, Binance Labs has invested in 21 blockchain startups around the world, and incubated a strong batch of projects last season.

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