In its first investment in the decentralized science (DeSci) space, Binance Labs, the company’s venture capital division, has contributed to BIO Protocol, a platform that uses decentralized finance to advance scientific research. With this investment, Binance demonstrates its deliberate foray into the biotech and decentralized finance (DeFi) sectors.
Pioneering Decentralized Science
BIO Protocol, also referred to as the “Y Combinator of on-chain science,” offers a special decentralized funding platform for early-stage scientific enterprises. The platform focuses on topics including women’s health, mental health, and cryopreservation and leverages a network of seven BioDAOs to facilitate collaboration between investors and scientists on ground-breaking research initiatives.
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Growing Funding and BioDAOs
By incorporating more BioDAOs, BIO Protocol intends to expand its ecosystem and support new scientific entities with the funding from Binance Labs. The platform aims to distribute seed finance and enhance community and tokenomics support to further decentralized research efforts.
Binance Labs’ Growing VC Footprint
As part of its continuous attempts to expand its startup capital portfolio, Binance Labs has recently backed innovative projects like Solayer, a Solana staking protocol, and Lombard, a Bitcoin staking platform. Putting money into BIO Protocol aligns with Binance’s objective to back projects that provide important, long-lasting technology solutions for a variety of industries.
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