Binance Labs has invested in BIO Protocol in the decentralized science (DeSci) sector, aiming to transform scientific funding and development through blockchain technology.
This move represents Binance Labs’ first DeSci investment, the $10 billion venture arm of Binance, as it seeks to diversify its portfolio into new, impactful arenas.
BIO Protocol to Drive DeSci with Binance Labs’ Support
In its statement, Binance Labs compared BIO Protocol to a blockchain-based Y Combinator. This platform aims to transform early-stage science by decentralizing funding and ownership. Unlike traditional systems, BIO Protocol relies on crowdfunding and decentralized ownership to fund scientific projects.
BIO Protocol enables scientists, patients, and investors worldwide to co-fund, co-develop, and co-own new therapies via biotech DAOs. This approach fills crucial gaps in scientific research funding. The platform has established seven BioDAOs supporting projects in areas like cryopreservation, women’s health, and psychedelic treatments for mental health.
“Our support for DeSci isn’t just about financial investment; it’s about empowering scientists to address humanity’s biggest challenges with a model that is transparent, inclusive, and fast-moving. DeSci represents a largely untapped sector for us, and we’re eager to accelerate scientific progress by exploring innovative and novel approaches that push the boundaries of what’s possible,” Andy Chang, Investment Director at Binance Labs, told BeInCrypto.
The next set of projects will focus on treatments for “long COVID-19,” cures for rare diseases, and technologies like quantum microscopes for studying biological phenomena.
BIO Protocol’s foundation includes members from VitaDAO, a decentralized organization advancing longevity research with backing from Pfizer’s venture division. In October 2023, VitaDAO launched its first biotech company, Matrix Biosciences, to study anti-cancer compounds found in long-living mole rats in partnership with the University of Rochester’s Aging Research Center.
Investor Interest in Decentralized Science
With new funding, BIO Protocol plans to expand its ecosystem by providing seed funds for new BioDAOs and community support. The protocol aims to build an autonomous infrastructure for scientific funding powered by AI, open-source computational biology, and drug design.
This investment joins several others recently made by Binance Labs. In October, Binance invested in the Bitcoin liquid staking platform Lombard and the ZKsync elastic chain Sophon. In August, Binance Labs funded the Solana staking protocol Solayer, showing its commitment to decentralized technologies.
Interest in DeSci is also growing among other significant players. In 2023, Coinbase CEO Brian Armstrong co-founded ResearchHub, a platform rewarding scientists with cryptocurrency for published work. ResearchHub is backed by a $5 million funding round and supports open-access research, removing barriers like paywalls and encouraging collaboration.
Venture capital firm a16z also entered the DeSci field, leading a $5 million seed round for AminoChain, a decentralized biobank focused on transparency and consent in medical data collection.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/binance-labs-enters-desci-space/