As a seasoned crypto investor with a keen eye for promising projects and a heart for groundbreaking advancements, I find the recent investment by Binance Labs into BIO Protocol particularly intriguing. With a background in biotechnology and a deep interest in decentralized finance (DeFi), this venture strikes a chord with my personal and professional interests.
In a groundbreaking move, the venture capital division of Binance Exchange, Binance Labs, has announced its initial investment in the field of Decentralized Science (DeSci). This investment is directed towards BIO Protocol, an organization that aims to revolutionize the way health science financing and commercialization are managed.
Diversifying the Binance venture portfolio
BIO Protocol fosters a system of Decentralized Autonomous Organizations (DAOs) in the biotech sector, which form collaborative groups to finance, develop, and jointly own novel drugs and therapeutics. These BioDAOs target funding shortages in specific areas like rare diseases, aging research, and emerging health issues, as suggested by Binance Labs.
The undisclosed amount invested by Binance Labs will be used to expand the network by offering seed money for upcoming projects, as well as bolstering the network that offers community and economic token support. According to Binance Labs’ Investment Director, Andy Chang, this investment aims to…
“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.”
Through more than 250 ventures under its wing, Binance Labs focuses predominantly on fostering the growth of decentralized finance. However, it also extends to other domains such as gaming, artificial intelligence, and various other activities. For instance, Binance Labs backs Pluto Studio, the creator of the widely-used Telegram mini-app Catizen, which allows users to earn rewards simply by tapping.
BioDAOs already busy
As an analyst, I’m excited to share that by November 2023, the BIO Protocol, a network comprising eight BioDAOs, had amassed a market capitalization of $200 million. This remarkable achievement was made possible by the visionary work of our founder, Paul Kohlhaas. In his previous role as co-founder of Molecule, he pioneered intellectual property non-fungible tokens (IP-NFTs). Notably, BIO Protocol actively facilitates the sale of these innovative IP-NFTs, a testament to our commitment to driving the future of blockchain technology.
VitaDAO, a project emphasizing longevity backed by BIO Protocol, was established in the year 2021. In February 2023, it secured $4.1 million in funding from Pfizer, a prominent pharmaceutical company, and subsequently financed the commencement of Matrix Biosciences in October of the same year.
BioDAO HairDAO became the first DAO to file a scientific patent in December.
According to details shared with CryptoMoon by Binance Labs, the upcoming group of projects under this protocol will focus on:
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2024-11-09 01:00