30s Summary

Binance Labs has invested in BIO Protocol, a project intending to democratise health sciences funding through a network of BioDAOs. Using decentralised finance, these BioDAOs aim to fund and develop new medical treatments, particularly in under-funded areas such as rare disease treatment and longevity research. Binance Labs’ investment will assist new projects and support BIO Protocol’s community and economic model. Since its formation, BIO Protocol has established eight BioDAOs, boasting a market cap of $200 million as of November 2023, and intends to focus on long COVID and rare diseases treatments.

Full Article

Binance Labs, the investment branch of cryptocurrency exchange, has pumped some money into BIO Protocol, a project that’s all about changing the game when it comes to funding health sciences, making it a more community-focused effort.

BIO Protocol aims to set up a network of BioDAOs – basically groups that harness the power of decentralized finance to fund, develop, and collectively own new medical treatments. These BioDAOs work on filling those gaps that traditional funding methods just can’t reach; they’re working on things like treating rare diseases, longevity research and branching into up-and-coming health issues.

It’s not clear how much money Binance Labs has put into BIO Protocol, but we know the cash will be used to help new projects get up and running and support the network’s community and its economic model. Binance Labs’ Andy Chang said that Bio Protocol is a big step forward and that Binance Labs is all about supporting projects that can bring real, long-term benefits.

Binance Labs hasn’t just been focused on decentralized finance; they’ve got a portfolio of over 250 projects across fields like gaming, artificial intelligence and more. One of the projects they’ve supported includes the popular idle-plaing game ‘Catizen’, developed by Pluto Studio.

BIO Protocol has managed to set up eight BioDAOs so far, which had a market cap of $200 million back in November 2023. Co-founder of BIO Protocol, Paul Kohlhaas, introduced the concept of turning intellectual property into NFTs and hopes to continue supporting the sale of these IP-NFTs.

One of the projects that BIO Protocol has backed, VitaDAO, founded in 2021, managed to secure $4.1 million funding from Pfizer in February 2023 to launch Matrix Biosciences a few months later. One group, called HairDAO, became the first DAO to file a scientific patent in December.

Down the line, BIO Protocol’s BioDAOs have plans to focus on findings cures for Long COVID and rare diseases as well as developing quantum microscopes to study quantum biological phenomena.