Binance has announced its investment in BIO Protocol (BIO), a blockchain-based platform designed to transform the funding and commercialization of early-stage scientific research. This marks Binance Labs' first venture into the Decentralized Science (DeSci) sector.
According to a blog released by Binance, the investment will facilitate the expansion of the BioDAO ecosystem by providing seed funding for new Biotech Decentralized Autonomous Organizations (BioDAOs) and enhancing the network of service providers. The initiative aims to advance scientific funding infrastructure through artificial intelligence, drug design, and open-source computational biology.
BIO Protocol enables collaboration among scientists, patients, and investors to fund and develop new drugs via BioDAOs. The network currently includes BioDAOs focused on cryopreservation, women’s health, and mental health treatments. Upcoming projects will address Long COVID, rare diseases, and quantum biological research.
"Science drives human progress," said Paul Kohlhaas, founder of BIO Protocol. He added that "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." Kohlhaas expressed optimism that Binance Labs’ support would help dismantle this system. "As the undisputed leader in global liquidity," he continued, "Binance Labs will help us unlock scientific breakthroughs from Boston to Singapore to Bangalore."
Binance Labs is dedicated to supporting early-stage blockchain projects and fostering innovative ecosystems. Since its inception in 2018, it has provided support and funding to various projects with the aim of growing the blockchain industry. Yi He serves as co-founder of Binance and head of Binance Labs.