Binance Labs, the venture capital arm of crypto exchange Binance, has made a strategic investment in BIO Protocol, a blockchain-based platform that aims to reshape early-stage scientific research funding.
The investment marks Binance Labs’ first foray into the emerging Decentralized Science (DeSci) sector, highlighting its commitment to leveraging blockchain technology for societal impact.
BIO Protocol’s innovative model provides an alternative to the traditional, often cumbersome funding avenues for scientific research, particularly in underfunded fields such as rare diseases and mental health.
Decentralized incubator
BIO Protocol operates similarly to a decentralized incubator, drawing in scientists, patients, and investors to jointly finance and develop new biotechnologies.
Through its network of Biotech Decentralized Autonomous Organizations (BioDAOs), BIO Protocol enables stakeholders to co-own and contribute to research projects, fostering a collective approach to breakthroughs in biomedical science.
Presently, BIO Protocol’s ecosystem includes seven BioDAOs dedicated to fields like cryopreservation, women’s health, and psychedelics for mental health. The upcoming cohort will expand to address critical needs, including research on Long COVID treatments, rare disease therapies, and pioneering quantum microscopy for biological observation.
Binance Labs’ investment will accelerate the growth of the BioDAO ecosystem, providing seed funding for new BioDAOs and expanding the support network available to these decentralized research communities.
The funding is anticipated to drive BIO Protocol’s overarching vision of creating an autonomous infrastructure for scientific research funding. By integrating the transparency and decentralization of DeFi, BIO Protocol aims to democratize scientific funding, making it accessible to a broader global community.
Binance Labs Investment Director Andy Chang said:
“BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi. 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
Founded by veterans from VitaDAO, BIO Protocol is dedicated to addressing areas historically neglected by mainstream funding agencies, such as brain health, longevity, and rare disease research.
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. This shift could accelerate discoveries and improve access to essential medical innovations, potentially transforming how scientific knowledge is financed and shared.
Paul Kohlhaas, the founder of BIO Protocol, emphasized the importance of disrupting traditional funding models, stating:
“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.”
He added that the partnership will help the protocol “pursue breakthroughs at a scale that was previously unachievable, from Boston to Singapore to Bangalore.”
BIO Protocol’s supporters include notable backers such as Zee Prime Capital, Boost VC, and Northpond Ventures, reflecting a strong network of advocates for decentralized scientific innovation.
The partnership with Binance Labs is expected to strengthen BIO Protocol’s capabilities, enabling the platform to unlock groundbreaking advancements in biomedical science and foster a more inclusive approach to funding, discovery, and ownership in scientific research.