Binance Labs, the venture capital arm of popular crypto exchange Binance, has recently made a significant investment in BIO Protocol, a blockchain-based platform aiming to revolutionize early-stage scientific research funding. This marks Binance Labs’ entry into the emerging sector of Decentralized Science (DeSci), showcasing their dedication to utilizing blockchain technology for societal impact.
BIO Protocol offers a fresh approach to the traditional methods of funding scientific research, particularly in areas that are often overlooked, such as rare diseases and mental health. The platform operates as a decentralized incubator, bringing together scientists, patients, and investors to collectively finance and develop innovative biotechnologies. Through their network of Biotech Decentralized Autonomous Organizations (BioDAOs), BIO Protocol allows stakeholders to co-own and contribute to research projects, promoting a collaborative effort towards advancements in biomedical science.
Currently, BIO Protocol’s ecosystem consists of seven BioDAOs focusing on various fields like cryopreservation, women’s health, and mental health treatments using psychedelics. The upcoming cohort will expand to address pressing needs such as Long COVID treatments, rare disease therapies, and cutting-edge quantum microscopy for biological observation.
Binance Labs’ investment in BIO Protocol will accelerate the growth of the BioDAO ecosystem by providing seed funding for new BioDAOs and expanding the support network available to these decentralized research communities. This funding aims to support BIO Protocol’s overarching vision of establishing an autonomous infrastructure for scientific research funding. By leveraging the transparency and decentralization of DeFi, BIO Protocol aims to democratize scientific funding and make it accessible to a wider global audience.
Andy Chang, the Investment Director at Binance Labs, expressed his enthusiasm for supporting BIO Protocol’s innovative approach, stating that the platform represents a significant advancement in merging biotechnology and DeFi. He emphasized Binance Labs’ commitment to backing technologies with real-world impact, aligning seamlessly with BIO Protocol’s goals.
Founded by experts from VitaDAO, BIO Protocol is dedicated to addressing areas typically overlooked by mainstream funding agencies, such as brain health, longevity, and rare disease research. By decentralizing funding and enabling community-driven investments, BIO Protocol envisions a future where scientific research can progress independently of large institutions and pharmaceutical companies, potentially accelerating discoveries and enhancing access to essential medical innovations.
The partnership between Binance Labs and BIO Protocol is expected to strengthen the platform’s capabilities and drive groundbreaking advancements in biomedical science. This collaboration aims to foster a more inclusive approach to funding, discovery, and ownership in scientific research, ultimately transforming how scientific knowledge is financed and shared. Notable backers of BIO Protocol include Zee Prime Capital, Boost VC, and Northpond Ventures, reflecting a robust network of supporters for decentralized scientific innovation.