Binance Labs Invests in BIO Protocol

Binance Labs, the $10 billion venture capital arm of Binance, has entered the decentralized science sector with an investment in BIO Protocol.

Investment Overview

> “BIO can be thought of as a Y Combinator for on-chain Science,” Binance Labs stated, aiming to revolutionize funding and commercialization for early-stage scientific research using blockchain technology. The investment amount was not disclosed.

Earlier this year, BIO launched its token generation event, BIO Genesis, raising $6 million in the first round. Prominent investors include 1kx, Boost VC, and Northpond Ventures, a $3 billion biotech fund. The current public auction, ending on November 14, with participation from Zee Prime Capital, Kosmos Ventures, and Panga Capital, has brought the total funding to over $13 million according to a BIO spokesperson.

The Need for Decentralized Science

Decentralized Science, or DeSci, seeks to shift away from centralized bodies governing research and funding. Instead, it focuses on sourcing investments through crowdfunding and decentralized ownership. The BIO platform allows scientists, patients, and investors to fund and co-own new drugs via biotech DAOs, addressing gaps in traditional funding methods, particularly for rare diseases and emerging health challenges.

Network and Future Plans

BIO’s network consists of seven BioDAOs on the Ethereum blockchain, with expansion plans to Solana and other blockchains in Q1 2025. Current projects include studies on cryopreservation, women's health, and psychedelics. Future projects will tackle long COVID cures, rare diseases, and quantum microscopy.

Additionally, BIO is developing decentralized AI Research Agents integrated with BioDAOs that can coordinate autonomous research efforts across multiple fields.

With the new capital, BIO aims to expand its ecosystem, providing seed funding for new BioDAOs and enhancing its support structures, ultimately aspiring to create autonomous infrastructure for funding driven by AI.

Industry Insights

Andy Chang, Investment Director at Binance Labs, highlighted that BIO Protocol marks a significant step forward in DeSci by merging biotechnology with DeFi. He reiterated the commitment to fostering technological advancements that have meaningful real-world impacts.

Recently, Binance Labs has also invested in several other crypto projects, including Lombard and ZKsync, indicating a growing interest in decentralization.

Additional Developments in DeSci

BIO was founded by members of VitaDAO, which focuses on longevity research, and has launched its first biotech firm, Matrix Biosciences. Additionally, projects like ResearchHub, co-founded by Coinbase CEO Brian Armstrong, are promoting open science by rewarding scientific contributions in cryptocurrency.

Venture capital firm a16z has also ventured into DeSci, leading a $5 million seed round for AminoChain, a decentralized biobank utilizing blockchain for medical data transparency and ownership.

Paul Kohlhaas, founder of BIO Protocol, emphasized the urgent need to free scientific minds from funding traps that hinder progress.

Updated with additional details throughout.