Binance Labs, Binance’s venture capital division, has announced its investment in BIO Protocol, a platform that aims to revolutionize decentralized science (DeSci).
The initiative empowers early-stage scientific research startups by providing access to decentralized funding models and resources.
BIO protocol enhances BioDAO network
BIO Protocol is building a robust network of Biotech Decentralized Autonomous Organizations (BioDAOs) to address gaps in traditional funding for medical research. These BioDAOs function as collaborative communities that fund, co-develop, and share ownership of breakthrough therapies and pharmaceuticals. The initiative targets underfunded areas such as rare diseases, longevity research, and emerging health challenges.
While Binance Labs did not disclose the financial details of the investment, the funding will help BIO Protocol expand its BioDAO network. This includes providing initial capital for new projects and enhancing support for the platform’s community and tokenomics. Andy Chang, Investment Director at Binance Labs, noted the importance of the initiative, stating:
“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.”
Binance Labs expands portfolio beyond DeFi
Binance Labs has invested in over 200 projects across various sectors, including decentralized finance, gaming, artificial intelligence, and now decentralized science. One of its portfolio highlights is Pluto Studio, known for creating the tap-to-earn Telegram mini-app Catizen. The partnership with BIO Protocol aligns with Binance Labs’ strategy of supporting projects with transformative potential.
BIO Protocol’s network includes eight BioDAOs, collectively with a market capitalization of $200 million as of late 2023. The protocol also pioneered using intellectual property non-fungible tokens (IP-NFTs) to enable the sale of intellectual property within its ecosystem.
BIO Protocol’s notable projects and plans
One of BIO Protocol’s most prominent initiatives is VitaDAO, a longevity-focused project established in 2021. In February 2023, VitaDAO secured $4.1 million in funding from pharmaceutical giant Pfizer. It also supported the launch of Matrix Biosciences in October.
Binance Labs and BIO Protocol aim to support projects addressing critical global health challenges. Upcoming initiatives include researching treatments for long-term COVID-19, developing therapies for rare diseases, and creating quantum microscopes to explore quantum biological processes. This collaboration underscores Binance Labs’ commitment to fostering innovation in decentralized ecosystems.