Binance Labs, the $10 billion venture capital and incubation arm of the crypto exchange Binance, has made its first foray into the decentralized science sector with an investment in BIO Protocol.
“BIO can be thought of as a Y Combinator for onchain Science,” Binance Labs explained in a statement shared with The Block. It is designed to change how early-stage scientific research is financed and commercialized using blockchain technology. The investment amount and structure were not disclosed.
In addition to the investment from Binance Labs, earlier this year, BIO began its token generation event, BIO Genesis, which raised $6 million in its first round, with Genesis BIO token holders including 1kx, Boost VC and Northpond Ventures — a $3 billion biotech fund. The protocol is now conducting its second public auction which ends on Nov. 14, with participation from Zee Prime Capital, Kosmos Ventures and Panga Capital — bringing its total funding at the time of this writing to over $13 million, a BIO Protocol spokesperson told The Block.
In contrast to the current system, which relies on centralized bodies for research and funding, decentralized science or DeSci aims to source research investment through crowdfunding initiatives and decentralized ownership.
The BIO platform allows scientists, patients and investors globally to fund, develop and co-own new drugs through biotech DAOs, addressing gaps in traditional scientific funding, especially in areas like rare diseases, longevity and emerging health challenges.
Read more: theblock.co
Source: CRYPTO WORLD NETWORK NEWS
