BIO Protocol DAOs Get Backing From Binance Labs
Binance Labs has made its first investment in decentralized science through BIO Protocol, a platform that manages a network of healthcare-focused decentralized autonomous organizations (DAOs). The investment amount was not disclosed by the parties.
BIO Protocol currently coordinates eight biotech DAOs that fund and develop new therapeutic solutions. These organizations focus on research areas including rare diseases, longevity studies, and emerging health challenges. As of November 2023, the combined market value of BIO Protocol's DAOs reached $200 million.
The platform's most active project, VitaDAO, received $4.1 million from Pfizer in February 2023. Later that year, VitaDAO supported the creation of Matrix Biosciences. Another member of the network, HairDAO, filed a scientific patent in December 2023, marking the first patent application by a DAO.
BIO Protocol implements intellectual property non-fungible tokens (IP-NFTs), developed by founder Paul Kohlhaas through the Molecule platform. These tokens enable fractional ownership of research intellectual property among DAO members.
Binance Labs investment director Andy Chang noted that the investment aims to merge biotechnology with decentralized finance. The funds will support new projects and develop the platform's infrastructure.
The next round of BIO Protocol projects will include research on Long COVID treatments, rare disease solutions, and quantum microscope development for studying quantum biological phenomena. This investment adds to Binance Labs' portfolio of 250 projects across various technology sectors.
