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Binance Labs, the venture arm of the cryptocurrency exchange Binance, has announced its first investment in decentralized science, or “DeSci,” by partnering with BIO Protocol.
What is the BIO Protocol?
BIO Protocol is an accelerator dedicated to reshaping the way health sciences are funded and commercialized. It does so by supporting a network of biotech-focused Decentralized Autonomous Organizations, or BioDAOs, that address funding gaps in underrepresented areas, such as rare disease research, longevity studies, and emerging health issues. This collaboration marks a notable diversification for Binance Labs, which has primarily focused on decentralized finance projects until now.
BIO Protocol, through its network of BioDAOs, offers a platform where communities can co-own and fund research projects, providing crucial support for new therapies and drug development. “BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi,” commented Binance Labs Investment Director Andy Chang, emphasizing the potential for impactful, real-world technological advancements through this new investment.
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Expanding BioDAO Projects and Innovations
Binance Labs has not disclosed the amount invested in BIO Protocol, but the funds will support the expansion of new projects within the BioDAO ecosystem. By providing seed funding and other resources, Binance Labs aims to strengthen BIO Protocol’s community and tokenomics structure. Among the initiatives BIO Protocol has introduced are Intellectual Property NFTs (IP-NFTs), a concept pioneered by BIO Protocol’s co-founder Paul Kohlhaas, which enables the secure sale and exchange of intellectual property.
The BIO Protocol network consists of eight BioDAOs, with a collective market cap of $200 million as of late 2023. Among these is VitaDAO, a longevity-focused BioDAO founded in 2021, which received a significant $4.1 million investment from Pfizer in early 2023.
VitaDAO has used this funding to launch new ventures, including Matrix Biosciences, which debuted in October. Another BioDAO, HairDAO, gained recognition as the first decentralized organization to file a scientific patent in December.
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As BIO Protocol expands, it aims to address some of the most pressing challenges in biotech. Its next wave of projects will include efforts focused on finding treatments for Long COVID, researching rare diseases, and developing quantum microscopes to observe quantum biological phenomena.
