Binance Labs, the enterprise capital arm of Binance, has introduced its funding in BIO Protocol, a platform designed to assist early-stage scientific analysis startups entry decentralized funding alternatives.
The funding sees Binance, powered by the native token BNB (BNB), make its first foray into decentralized science, the platform mentioned in an announcement on Nov. 8.
Based on Binance Labs, BIO Protocol is the equal of the “Y Combinator of on-chain science”, a reference to the U.S.-based VC agency and startup accelerator.
BIO Protocol advances the DeSci sector by offering a platform for scientists and traders to entry collective funding and co-ownership alternatives.
The platform at the moment operates by way of a community of seven biotech decentralized autonomous organizations, (often known as BioDAOs) masking areas equivalent to girls’s well being, psychological well being, and cryopreservation.
“BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi,” Andy Chang, funding director at Binance Labs, mentioned. “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 staff plans to make use of the funding to increase its BioDAOs additional, with seed funding accessible for brand spanking new entities. BIO may even supply group and tokenomics help because it seeks to broaden its presence and affect in scientific funding.
Binance Labs has just lately elevated its footprint within the VC ecosystem, backing a number of initiatives in numerous trade fields. This consists of the funding platform’s backing of Lombard, a Bitcoin (BTC) liquid staking platform.
The crypto and blockchain-focused enterprise capital supplier has additionally invested in Solana (SOL) staking protocol Solayer and Telegram mini-app Blum.
