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Key Points: Binance Labs makes its first investment in the decentralized science (DeSci) space, backing the BIO Protocol. BIO Protocol aims to revolutionize early-stage scientific research funding and commercialization using blockchain technology. Binance Labs makes its first foray into decentralized science (DeSci) with an investment in BIO Protocol, a blockchain-based platform for scientific research. Binance Labs Backs BIO Protocol to Revolutionize Scientific Funding The venture capital and incubator arm of Binance, Binance Labs, recently announced its first investment in the decentralized science (DeSci) sector with an undisclosed investment in BIO Protocol. Binance Labs stated that BIO Protocol is designed to transform how early-stage scientific research is funded and commercialized using blockchain technology, and can be considered the “Y Combinator for on-chain science.” With the new funding, BIO Protocol plans to expand its ecosystem, providing seed funding for new BioDAOs and offering community and tokenomics support. The project’s ultimate goal is to create an autonomous infrastructure for scientific funding based on artificial intelligence (AI), drug design, and open-source computational biology. BIO Protocol: Democratizing Scientific Research with BioDAOs BIO Protocol was founded by key members of VitaDAO, a decentralized autonomous organization (DAO) focused on funding and advancing early-stage longevity research, backed by the venture arm of global pharmaceutical giant Pfizer. VitaDAO launched its first biotech company, Matrix Biosciences, in October 2023, following a community vote approving a collaboration with the Aging Research Center at the University of Rochester, led by Dr. Vera Gorbunova. Unlike the current system, which relies on centralized organizations for research and funding, DeSci aims to raise capital through crowdfunding initiatives and decentralized ownership. The BIO platform enables scientists, patients, and investors globally to co-fund, develop, and co-own new drugs through biotech DAOs (BioDAOs), addressing gaps in traditional scientific funding, particularly in areas like rare diseases, longevity, and emerging…

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Filed under: News - @ November 9, 2024 1:16 am