China Renaissance Looks to Raise $600M for Binance Coin Treasury

China Renaissance bank is aiming to secure around $600 million to establish a crypto treasury specifically for the Binance Coin, potentially supported by YZi Labs. China Renaissance's proposal includes launching a public fund worth $600 million devoted to Binance Coin, in partnership with YZi Labs, the family office of Changpeng Zhao. The news of this initiative led to an initial surge in BNB's price by over 9% to $1,366 before stabilizing at $1,289 amidst broader market fluctuations and positive trader sentiment following the announcement. An official report from Bloomberg disclosed that the Chinese investment bank is preparing to create a…