Binance Labs invests in BIO Protocol, venturing into the Decentralized Science (DeSci) field for the first time.
In a significant move, Binance Labs, the venture capital arm of the world's largest cryptocurrency exchange, Binance, has invested in BIO Protocol, a decentralized biotech funding platform. The investment marks Binance Labs' entry into the decentralized science sector, following a growing trend among Web3 companies and investors.
BIO Protocol, which operates on the Ethereum blockchain, has seen a total funding of $13 million, with its latest round bringing in additional capital. Notable participants in this round include Crypto VC 1kx, Boost VC, Northpond Ventures, and Zee Prime Capital, Kosmos Ventures, and Panga Capital. Binance Labs' investment in BIO Protocol is noteworthy, although the exact amount and structure of the funding remain undisclosed.
The BIO Protocol network consists of seven Decentralized Autonomous Organizations (DAOs) and is focused on various areas of scientific research, including cryopreservation, women's health, and psychedelics for mental health. A16z and Coinbase CEO Brian Armstrong are among the other Web3 entities making forays into this sector.
BIO Protocol's unique selling point is its decentralized AI Research Agents integrated with BioDAOs, which facilitate around-the-clock research efforts. This model is likened to Y Combinator for on-chain science by Binance Labs.
The platform's governance token, BIO, is listed and tradable on Binance. Market data shows that BIO Protocol currently has a market cap ranging from $77 to $128 million USD and a circulating supply of 1.43 billion tokens. This indicates substantial investment and community backing, although it does not specify Binance Labs' share or total funding raised for BIO Protocol specifically.
For precise current funding totals and investor details, checking official BIO Protocol announcements or Binance Labs’ investment disclosures would be necessary. Despite the lack of explicit details in the current search results, the investment by Binance Labs underscores the growing interest in the intersection of blockchain technology and biotech research.
- Binance Labs' investment in BIO Protocol, a decentralized biotech funding platform, signals their entry into the decentralized science sector, following a trend among Web3 companies and investors.
- The unique selling point of BIO Protocol lies in its decentralized AI Research Agents integrated with BioDAOs, which facilitate around-the-clock research efforts, likened to Y Combinator for on-chain science by Binance Labs.
- The BIO Protocol's governance token, BIO, is listed and tradable on Binance, indicating substantial investment and community backing, although it doesn't specify Binance Labs' share or total funding raised for BIO Protocol specifically.
%20field%20for%20the%20first%20time.){kind=link}