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[Nov 08, 2024] – Binance Labs, the venture capital and incubation arm of Binance, the world's leading cryptocurrency exchange, has announced a strategic investment in BIO Protocol, a pioneering decentralized science (DeSci) platform poised to revolutionize biotech research funding and development. This marks Binance Labs' first foray into the DeSci sector, underscoring its commitment to fostering innovation and societal impact through blockchain technology.
BIO Protocol offers a decentralized, community-driven alternative to traditional biotech funding models, empowering patients, scientists, and biotech professionals to collectively fund, build, and own tokenized biotech projects and intellectual property (IP). This innovative approach addresses the historical challenges of securing funding for early-stage research, particularly in underfunded areas like rare diseases and mental health.
Democratizing Scientific Advancement Through BioDAOs
BIO Protocol leverages the power of Decentralized Autonomous Organizations (DAOs), specifically BioDAOs, to facilitate collaborative research. These BioDAOs act as decentralized incubators, bringing together stakeholders to co-own and contribute to research projects, fostering a collective approach to breakthroughs in biomedical science. The BIO Protocol ecosystem currently supports seven BioDAOs focusing on diverse fields such as cryopreservation, women's health, and psychedelics for mental health. Future cohorts will expand to address critical research needs in areas like Long COVID treatments, rare disease therapies, and quantum microscopy for biological observation.
Binance Labs' Investment to Accelerate Growth and Impact
The investment from Binance Labs will be instrumental in accelerating the growth of the BioDAO ecosystem. It will provide seed funding for new BioDAOs, expand support networks for these decentralized research communities, and further develop the platform's autonomous infrastructure for scientific research funding. By integrating the transparency and decentralization of decentralized finance (DeFi), BIO Protocol aims to democratize scientific funding, making it accessible to a broader global community.
"BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi," said Andy Chang, Investment Director at Binance Labs. "Our aim is to support meaningful technology with real-world impact, and BIO Protocol’s vision aligns seamlessly with our goals."
Disrupting Traditional Funding Models and Empowering Scientific Communities
Founded by veterans from VitaDAO and Molecule, BIO Protocol is committed to addressing areas historically neglected by mainstream funding agencies. By decentralizing funding and enabling community-driven investments, BIO Protocol envisions a future where scientific research can progress independently of large institutions and pharmaceutical companies, potentially accelerating discoveries and improving access to essential medical innovations.
"Science drives human progress, yet today, many scientists spend an overwhelming amount of time navigating an inefficient funding maze instead of focusing on solving critical problems," said Paul Kohlhaas, founder of BIO Protocol. "This partnership with Binance Labs will help us pursue breakthroughs at a scale that was previously unachievable, from Boston to Singapore to Bangalore."
A Strong Network of Support and a Bright Future for DeSci
BIO Protocol has garnered support from notable backers including Zee Prime Capital, Boost VC, and Northpond Ventures, demonstrating a strong network of advocates for decentralized scientific innovation. The partnership with Binance Labs further strengthens BIO Protocol's position, enabling the platform to unlock groundbreaking advancements in biomedical science and foster a more inclusive approach to funding, discovery, and ownership in scientific research. The BIO token launch (BIO Genesis) is currently underway, providing an opportunity for early participation in this transformative DeSci ecosystem.
About BIO Protocol:
BIO Protocol is a DeSci platform that empowers communities to fund, build, and own tokenized biotech projects and IP. Leveraging the power of BioDAOs, BIO Protocol aims to democratize scientific funding and accelerate breakthroughs in biomedical science.
About Binance Labs:
Binance Labs is the venture capital and incubation arm of Binance, investing in and supporting blockchain and cryptocurrency projects that have the potential to shape the future of the industry.
Compiled by CMO Intern team
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