Binance Labs, the crypto exchange’s venture capital arm, has invested in decentralized science (DeSci) by backing the BIO Protocol. This accelerator is designed to help early-stage scientific research startups access decentralized funding opportunities.
BIO Protocol expands its BioDAO network
BIO Protocol promotes a network of Biotech Decentralized Autonomous Organizations (BioDAOs), which form communities to fund, develop, and co-own innovative pharmaceuticals and therapies. According to Binance Labs, BioDAOs solve gaps in traditional funding for rare diseases, longevity research, and emergent health concerns.
The details of the investment’s exact amount were not disclosed, but it will enable BIO Protocol to grow its network by providing seed funding for new projects and strengthening community and tokenomics support. Binance Labs’ Investment Director Andy Chang commented:
“BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi. At Binance Labs, we are dedicated to unlocking groundbreaking advancements that drive long-term, real-world impact by supporting projects building meaningful technology.”
~Andy Chang
Binance Labs has more than 200 projects in its portfolio, most of which contribute to the development of decentralized finance. However, some involve gaming, artificial intelligence, and other sectors. For instance, Binance Labs supports Pluto Studio, which established the popular tap-to-earn Telegram mini-app Catizen.
Binance Labs and BIO Protocol to support IP-driven DAOs
BIO Protocol’s network of eight BioDAOs had a market capitalization of $200 million in November 2023. As co-founder of the Molecule platform, BIO Protocol’s Paul Kohlhaas introduced intellectual property non-fungible tokens (IP-NFTs). The protocol supports the sale of IP-NFTs.
One of BIO Protocol’s cornerstone projects, longevity-focused VitaDAO, was founded in 2021. In February 2023, it obtained $4.1 million in funding from pharmaceutical manufacturer Pfizer and supported the launch of Matrix Biosciences in October.
According to Binance Labs, the protocol’s next batch will feature projects to find a cure for Long COVID and rare diseases and build quantum microscopes to examine quantum biological processes.
