Binance Labs announced the funding of BIO Protocol, a DeSci-related accelerator.
The venture capital vertical of Binance, Binance Labs, has made its entry into the decentralized science (DeSci) niche by funding BIO Protocol, an accelerator working in the health science space. It works alongside biotech decentralized autonomous organizations (BioDAOs) to unlock new means of financing for health science use cases, setting them up for adoption.
BioDAOs foster global communities to aid in researching and creating drugs and therapeutics via funding and development. They often focus on areas that do not attract funding by traditional means, like rare diseases, longevity research, and emerging challenges in health science.
Binance Labs’ investment in BIO Protocol will flow into the BioDAOs as seed funding and create robust service provider networks that aid in community and tokenomics support. Ultimately, the investment will help BIO Protocol achieve its vision of “creating autonomous infrastructure for scientific funding and acceleration, fueled by advancements in AI, drug design, and open-source computational biology,” according to Binance’s announcement post.
“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,” mentioned Andy Chang, Investment Director, Binance Labs.
“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,” said Paul Kohlhaas, Founder, BIO Protocol. “This isn’t just innovation – it’s a revolution in scientific funding.”
A Step Away From Its Usual Funding Pattern
How much Binance has invested in BIO Protocol remains unknown. Nevertheless, this step pushes Binance Labs beyond its usual funding activity revolving around DeFi platforms. It boasts a robust portfolio of 250 projects, with some operating in niches beyond DeFi, like gaming and AI. A popular startup it supports is Pluto Studio, the developer behind the viral Telegram play-to-earn Mini App Catizen.
The step away from its regular investments could be because of BIO Protocol’s promising work. This accelerator collaborates with eight BioDAOs, exhibiting a market capitalization of hundreds of millions of dollars. One of those DAOs, VitaDAO, received over $4 million in funding from pharmaceutical giant Pfizer in 2023. VitaDAO focuses on longevity use cases.
