The decentralized science DAO supports healthcare efforts that might otherwise not attract sufficient funding and gives stakeholders a say in their management.
Binance Labs, the cryptocurrency exchange’s venture capital arm, has made its first investment in decentralized science (DeSci) with an investment in BIO Protocol, an accelerator that seeks to transform the financing and commercialization of health sciences.
BIO Protocol supports a network of Biotech Decentralized Autonomous Organizations (BioDAOs) that create communities to fund, develop and co-own new drugs and therapeutics. The BioDAOs address gaps in traditional funding in areas such as rare diseases, longevity research, and emerging health challenges, according to Binance Labs.
Binance Labs’ investment, the size of which was not disclosed, will go to expand the network by providing seed funding for new projects and strengthening the network that provides them with community and tokenomics support. Binance Labs investment director Andy Chang said:
