Binance Labs Supports BIO Protocol in DeSci Venture

Binance Labs, the venture capital arm of Binance, has made its first investment in decentralized science (DeSci). The investment focuses on BIO Protocol, a project aiming to change how health sciences are funded and commercialized. This move marks a significant expansion of Binance Labs’ portfolio into the biotech space.

Revolutionizing Health Science Funding

BIO Protocol connects biotech decentralized autonomous organizations (BioDAOs) to fund, develop, and co-own new drugs. These BioDAOs target areas often overlooked by traditional funding, like rare diseases and longevity research. 

The project aims to disrupt old funding models by empowering decentralized communities to take charge of health science innovation. This funding will support new projects and strengthen the network’s community and tokenomics. 

Andy Chang, Binance Labs’ investment director, views the investment as a key step in merging biotechnology and DeFi. “We’re excited to support groundbreaking advancements that make a real-world impact,” Chang said.

BioDAOs Are Already Thriving 

BIO Protocol already hosts eight BioDAOs. These BioDAOs reached a market cap of $200 million in November 2023. One standout project, VitaDAO, focuses on longevity and secured $4.1 million in funding from Pfizer in February 2023. 

VitaDAO then helped launch Matrix Biosciences later that year. HairDAO, another project, became the first DAO to file a scientific patent in December 2023. Looking ahead, BIO Protocol’s next cohort will target Long COVID, rare diseases, and even quantum biological phenomena. 

These projects aim to push the boundaries of science, powered by decentralized communities. For now, Binance Labs’ investment in BIO Protocol shows a commitment to advancing health science through DeFi. With this strategic move, Binance is positioning itself at the forefront of biotech innovation.