Binance Labs, the venture capital arm of Binance, has announced its investment in BIO Protocol, a platform designed to help early-stage scientific research startups access decentralized funding opportunities.
The investment sees Binance, powered by the native token BNB (BNB), make its first foray into decentralized science, the platform said in an announcement on Nov. 8.
According to Binance Labs, BIO Protocol is the equivalent of the “Y Combinator of on-chain science”, a reference to the U.S.-based VC firm and startup accelerator.
BIO Protocol advances the DeSci sector by providing a platform for scientists and investors to access collective funding and co-ownership opportunities.
The platform currently operates through a network of seven biotech decentralized autonomous organizations, (also known as BioDAOs) covering areas such as women’s health, mental health, and cryopreservation.
“BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi,” Andy Chang, investment director at Binance Labs, said. “At Binance Labs, we are dedicated to unlocking groundbreaking advancements that drive long-term, real-world impact by supporting projects building meaningful technology – an approach that closely aligns with our investment in BIO”.
The BIO Protocol team plans to use the funding to expand its BioDAOs further, with seed funding available for new entities. BIO will also offer community and tokenomics support as it seeks to broaden its presence and impact in scientific funding.
Binance Labs has recently increased its footprint in the VC ecosystem, backing multiple projects in various industry fields. This includes the investment platform’s backing of Lombard, a Bitcoin (BTC) liquid staking platform.
The crypto and blockchain-focused venture capital provider has also invested in Solana (SOL) staking protocol Solayer and Telegram mini-app Blum.