Main Takeaways:
- Binance Labs has invested in BIO Protocol, a pioneering protocol transforming the way early-stage scientific research is financed and commercialized using blockchain technology.
- At Binance Labs, we are dedicated to unlocking groundbreaking advancements that drive long-term, real-world impact by supporting projects building meaningful technology—an approach that closely aligns with our investment in BIO Protocol.
ZUG, Switzerland, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Binance Labs has invested in BIO Protocol (BIO), a pioneering protocol transforming the way early-stage scientific research is financed and commercialized using blockchain technology. This investment marks Binance Labs' first venture into the Decentralized Science (DeSci) sector.
BIO can be thought of as a Y Combinator for on-chain Science. The platform enables a global community of scientists, patients, and investors to collectively fund, develop, and co-own new drugs and therapeutics through its network of Biotech Decentralized Autonomous Organizations (BioDAOs). The protocol's innovative approach addresses critical gaps in traditional scientific funding, particularly in areas such as rare diseases, longevity research, and emerging health challenges.
Currently, BIO’s network consists of seven BioDAOs focused on diverse areas such as cryopreservation, women’s health, and psychedelics for mental health. The protocol’s next cohort includes projects accelerating a cure for Long COVID and rare diseases, and developing quantum microscopes to observe quantum biological phenomena, further expanding the reach and impact of community-driven science.
This new funding will fuel the expansion of the BioDAO ecosystem, enabling seed funding for new BioDAOs and strengthening the network of service providers offering them community and tokenomics support. This will help realize BIO's vision of creating autonomous infrastructure for scientific funding and acceleration, fueled by advancements in AI, drug design, and open-source computational biology.
“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—an approach that closely aligns with our investment in BIO,” said Andy Chang, Investment Director, Binance Labs.
“Science drives human progress, but we've trapped our brightest minds in an endless funding maze - they spend 80% of their time writing grants instead of solving humanity's greatest challenges. Binance Labs’ support will help shatter this broken system. As the undisputed leader in global liquidity, Binance Labs will help us unlock scientific breakthroughs from Boston to Singapore to Bangalore, catalyzing patient-driven research at a scale that was impossible until now. This isn't just innovation - it's a revolution in scientific funding,” said Paul Kohlhaas, Founder, BIO Protocol.
About Binance Labs
Binance Labs is the leading venture capital and incubator committed to empowering early-stage projects and driving the growth and development of the Web3 ecosystem. Since our founding in 2018, we have consistently focused on the long-term, and provided strategic support and funding to projects, regardless of market cycles.
As a chain- and sector-agnostic venture capital leader in the Web3 space, we back everything from infrastructure to application layers, and our focus has consistently been on tech innovation with meaningful product-market fit and sustainable revenue models.
Binance Labs’ portfolio covers over 250 projects from over 25 countries across six continents. More than 65 of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.
About BIO Protocol
BIO Protocol (BIO) enables onchain scientific communities to collectively fund, build and co-own research and products in specific biomedical fields, such as longevity, brain health and rare diseases. Founded by key members of VitaDAO, BIO gives global communities of scientists, patients and investors the power to take science into their own hands and bring cures to life more efficiently, outside traditional pharma. For more information, visit https://bio.xyz.
Disclaimer: The information provided in this article is intended for informational purposes only and does not constitute investment advice, endorsement, analysis, or recommendations with respect to any financial instruments, investments, or issuers. This article may contain forward-looking statements which are by nature subject to risks and uncertainties. Investment in cryptocurrency and DeFi projects involves substantial risk, including the risk of complete loss. This article does not take into account the investment objectives, financial situation, or specific needs of any particular person and each individual is urged to consult their legal and financial advisors before making any investment decisions.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07259999-7216-4019-8f95-32cae801b24e
Garret J. Shaw garret@serotonin.co
