Binance Labs invests in DeSci platform BIO Protocol

Binance Labs, the venture capital arm of Binance, announced an investment in BIO Protocol, a platform designed to help early-stage scientific research startups access decentralized funding opportunities.

The investment will mark Binance’s first step into decentralized science, backed by native token BNB (BNB), the platform announced on Nov. 8.

According to Binance Labs, BIO Protocol is the equivalent of “Y Combinator of on-chain science,” a reference to the US-based VC firm and startup accelerator.

The 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 BioDAO) covering areas such as women’s health, mental health, and cryopreservation.

“BIO Protocol represents a significant step forward in DeSci by combining biotechnology and DeFi,” said Andy Chang, investment director at Binance Labs. “At Binance Labs, we are committed to unlocking breakthroughs that create long-term, real-world impact by supporting projects that build meaningful technologies, an approach that closely aligns with our investment in BIO.”

The BIO Protocol team plans to use the funding to further expand their BioDAO by providing seed funding for new organizations. BIO will also offer community and tokenomics support as it seeks to expand its presence and impact in scientific funding.

Binance Labs has recently increased its footprint in the VC ecosystem by supporting multiple projects across various industry domains. This includes the fact that the trading platform supports 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.