Binance Labs, the venture arm of crypto exchange Binance, just dropped its first bag in decentralized science (#DeSci ). They invested in the BIO Protocol accelerator, which backs a network of decentralized autonomous organizations (BioDAOs) focused on biotech. These DAOs are all about building communities to fund, develop, and co-own new drugs and therapies.

BIO Protocol currently has eight BioDAOs under its belt, with a market cap hitting $200 million as of November 2023. One of the big names in the accelerator is VitaDAO, a project geared toward longevity. Founded in 2021, VitaDAO even pulled in $4.1 million from pharma giant Pfizer (NYSE:PFE) in February 2023.

BIO Protocol is a huge leap forward for the DeSci space, bridging biotech with DeFi. “At Binance Labs, we’re all in for breakthrough achievements with real-world impact, backing projects that are building game-changing tech,” said Binance Labs’ investment chief, Andy Chang.

Binance Labs’ portfolio is stacked with over 250 projects. While most focus on DeFi, a few venture into gaming and AI. For instance, Binance Labs is also funding Pluto Studio, known for its popular Telegram mini-app Catizen ($CATI ).