Binance Labs invested in BIO Protocol, a protocol that transforms the funding and commercialization of scientific research using blockchain. This is Binance Labs' first investment in decentralized science (DeSci).
BIO Protocol connects scientists, patients, and investors to co-fund and develop new drugs through Bio-Decentralized Autonomous Organizations (BioDAOs). There are already seven BioDAOs in the BIO network working in various fields, including rare diseases and mental health.
The new funding will help expand the BioDAO ecosystem, including support for new projects and service providers. “BIO Protocol is a significant step in DeSci that will help free minds from bureaucracy and focus on solving global problems,” noted Paul Kolias, founder of BIO Protocol.
