Binance Labs, the venture capital and incubator branch of Binance, has announced an investment in BIO Protocol (BIO), a decentralized platform focused on funding and commercializing early-stage scientific research. This investment is Binance Labs’ first in the emerging Decentralized Science (DeSci) sector.
BIO Protocol’s platform brings together scientists, patients, and investors in a network where they can collectively fund and co-own biomedical research projects. BIO’s approach relies on its Biotech Decentralized Autonomous Organizations (BioDAOs), each concentrating on a specific area of scientific research. The platform’s current network includes seven BioDAOs addressing topics such as cryopreservation, women’s health, and mental health research involving psychedelics.
The latest funding will support BIO’s plans to expand its BioDAO ecosystem by launching additional BioDAOs. These new BioDAOs will focus on areas like Long COVID and quantum biology, where funding has traditionally been limited. By leveraging blockchain and decentralized finance (DeFi) technology, BIO aims to simplify and democratize the funding process, potentially reducing some of the barriers that small research initiatives face.
According to Binance Labs, this investment aligns with their objective to support innovative projects with potential for real-world impact. Binance Labs’ Investment Director, Andy Chang, explained that BIO Protocol’s model represents an advancement in the DeSci sector, blending biotechnology and decentralized finance.
Paul Kohlhaas, founder of BIO Protocol, outlined some challenges in traditional scientific funding, where researchers often spend substantial time securing grants. BIO Protocol’s structure intends to give scientific communities more control over research funding by connecting researchers, patients, and other contributors.
