BIO Protocol, DeSci sector, invested by Binance Labs
Key Points:
The venture capital and incubator arm of Binance, Binance Labs, recently announced its first investment in the decentralized science (DeSci) sector with an undisclosed investment in BIO Protocol.
Binance Labs stated that BIO Protocol is designed to transform how early-stage scientific research is funded and commercialized using blockchain technology, and can be considered the “Y Combinator for on-chain science.”
With the new funding, BIO Protocol plans to expand its ecosystem, providing seed funding for new BioDAOs and offering community and tokenomics support. The project’s ultimate goal is to create an autonomous infrastructure for scientific funding based on artificial intelligence (AI), drug design, and open-source computational biology.
BIO Protocol was founded by key members of VitaDAO, a decentralized autonomous organization (DAO) focused on funding and advancing early-stage longevity research, backed by the venture arm of global pharmaceutical giant Pfizer.
VitaDAO launched its first biotech company, Matrix Biosciences, in October 2023, following a community vote approving a collaboration with the Aging Research Center at the University of Rochester, led by Dr. Vera Gorbunova.
Unlike the current system, which relies on centralized organizations for research and funding, DeSci aims to raise capital through crowdfunding initiatives and decentralized ownership.
The BIO platform enables scientists, patients, and investors globally to co-fund, develop, and co-own new drugs through biotech DAOs (BioDAOs), addressing gaps in traditional scientific funding, particularly in areas like rare diseases, longevity, and emerging health challenges.
BIO Protocol’s current network comprises seven “BioDAOs” focused on funding research projects in cryopreservation, women’s health, and psychedelics for mental health. The research team stated that the protocol’s next funding round will include projects researching cures for long-term COVID-19 and rare diseases, as well as developing quantum microscopes to observe quantum biological phenomena.
An initial tranche of $300,000 was allocated for preclinical studies testing novel hyaluronic acid-based compounds commonly found in naked mole rats, a long-living, cancer-resistant species.
ResearchHub, a startup co-founded by Coinbase CEO Brian Armstrong that rewards scientists with cryptocurrency for publishing content, is another project active in the DeSci space. It raised $5 million in a June 2023 funding round.
Recently, venture capital firm a16z also made a move into the DeSci sector, leading a $5 million seed round investment in AminoChain. This Layer-2 network aims to bring ownership, transparency, and consent to the field of medical data collection using blockchain technology.
DeSci was also included in the list of priorities for investment by former Binance CEO Changpeng Zhao in his first post-release statement in late September.
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