Binance Labs, the venture capital arm of the cryptocurrency exchange Binancehas made strategic investments BIO protocola blockchain-based platform that aims to reshape early-stage scientific research funding.
The investment marks Binance Labs' first foray into the emerging decentralized science (DeSci) sector, highlighting its commitment to using blockchain technology for social impact.
The innovative BIO protocol model provides an alternative to traditional and often cumbersome ways of funding scientific research, especially in low-cost areas such as rare diseases and mental health.
Decentralized incubator
The BIO protocol acts like a decentralized incubator, attracting scientists, patients and investors to co-finance and develop new biotechnologies.
Through a network of decentralized autonomous biotechnology organizations (BioDAOs), the BIO Protocol enables stakeholders to contribute to research projects and foster a collective approach to advances in biomedical science.
Currently, the BIO protocol ecosystem includes seven BioDAOs dedicated to areas such as cryopreservation, women's health, and psychotropics for mental health. The future group will expand to address critical needs, including research into long-lasting Covid treatments, rare disease treatments, and pioneering quantum microscopy for biological observations.
Binance Labs' investment accelerates the growth of the BioDAO ecosystem, providing seed funding for new BioDAOs and expanding the existing support network for these decentralized research communities.
This funding is expected to drive the overall vision of the BIO Protocol to create an independent infrastructure for funding scientific research. By integrating the transparency and decentralization of DeFi, the BIO protocol aims to democratize scientific funding and make it accessible to the wider global community.
Binance Labs Chief Investment Officer Andy Chang said:
The BIO protocol is an important step forward in DeSci by integrating biotechnology and DeFi. Our goal is to support meaningful technology with real-world impact, and the BIO protocol vision seamlessly aligns with our goals.
Disrupting traditional financing models
Founded by VitaDAO veterans, the BIO Protocol is dedicated to addressing areas historically neglected by mainstream funding agencies, such as brain health, longevity, and rare disease research.
By decentralizing funding and enabling community-based investments, the BIO Protocol envisions a future where scientific research can progress independently of large institutions and pharmaceutical companies. This shift could accelerate discoveries and improve access to essential medical innovations, potentially changing the way scientific knowledge is funded and shared.
Paul Koolhaas, founder of the BIO protocol, emphasized the importance of disrupting traditional financing models and said:
“Science advances humanity, yet today, many scientists spend too much time navigating the maze of inefficient funding instead of focusing on solving critical problems.”
He added that the partnership would help the protocol “pursue progress at a scale previously unattainable, from Boston to Singapore to Bangalore.”
Backers of the BIO protocol include notable backers such as Zee Prime Capital, Boost VC and Northpond Ventures, reflecting a strong network of advocates for decentralized scientific innovation.
The partnership with Binance Labs is expected to enhance the capabilities of the BIO protocol, enabling the platform to unlock breakthrough advances in biomedical science and foster a more inclusive approach to funding, discovery and ownership in scientific research.
