Binance Labs Makes Strategic Entry into DeSci with BIO Protocol Investment
Binance Labs, the venture capital arm of the cryptocurrency exchange Binance, has marked its first venture into the Decentralized Science (DeSci) sector with an investment in BIO Protocol. The platform aims to revolutionize early-stage scientific research funding through blockchain technology.
BIO Protocol, dubbed the “Y Combinator for on-chain Science,” operates through a network of seven Biotech Decentralized Autonomous Organizations (BioDAOs) on the Ethereum blockchain. These organizations focus on diverse medical research areas, including cryopreservation, women’s health, and psychedelics for mental health treatment.
The investment comes at a crucial time for BIO Protocol, which has already secured significant backing through its token generation event, BIO Genesis. The project raised $6 million in its initial round, with participation from notable investors including 1kx, Boost VC, and Northpond Ventures. A second public auction, ending November 14, has brought total funding to over $13 million, with additional support from Zee Prime Capital, Kosmos Ventures, and Panga Capital.
Andy Chang, Investment Director at Binance Labs, emphasized the strategic importance of the investment: “BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi. We are dedicated to unlocking groundbreaking advancements that drive long-term, real-world impact.”
The platform addresses a critical challenge in scientific research funding, as noted by BIO Protocol founder Paul Kohlhaas: “Scientists spend 80% of their time writing grants instead of solving humanity’s greatest challenges. Binance Labs’ support will help shatter this broken system.”
Looking ahead, BIO Protocol plans to expand to Solana and other blockchains in Q1 2025. The platform’s next cohort will focus on developing treatments for Long COVID and rare diseases, while also advancing quantum microscope technology for studying biological phenomena. Additionally, the protocol is integrating decentralized AI Research Agents to coordinate round-the-clock research efforts across its network.
This investment aligns with growing interest in the DeSci sector, following other significant moves such as ResearchHub’s $5 million funding round and a16z’s investment in AminoChain, signaling increasing momentum in blockchain-enabled scientific research.
