The former CEO of Binance, Changpeng Zhao, known as "CZ," is setting his sights on a new project that marries the worlds of cryptocurrency and biotechnology. In a recent post on his personal blog, Zhao expressed his interest in utilizing cryptocurrency to boost funding for biotech research.
Zhao's foray into the biotech field comes amid his legal commitments in the United States. Following a case with the Department of Justice (DOJ), he agreed to a substantial $175 million release bond and to return to the U.S. two weeks before his sentencing date on Feb. 23, 2024.
The Department of Justice is afraid that Changpeng Zhao could evade legal proceedings due to his substantial financial resources and the absence of an extradition agreement between the United States and the United Arab Emirates, where he may potentially relocate after fulfilling his current obligations in the States.
Nonetheless, Zhao's recent blog posts reflect his unwavering ambition to innovate. He is exploring ways to harness the power of digital currencies to support biotechnological research, recognizing the capability of crypto to enhance and speed up monetary transactions. Cryptocurrencies could forge new pathways for research financing by providing a more streamlined and direct investment avenue. The intrinsic decentralized structure of cryptocurrencies might equalize the funding landscape, empowering smaller research groups to procure the capital they require without intermediaries.
Furthermore, digital currencies might pave the way for pioneering fundraising frameworks, like decentralized autonomous organizations (DAOs), which would govern and dispense research funds in accordance with community consensus. Such a model could ensure that funding aligns with public interest and the immediacy of research needs, a shift from conventional funding practices that may not always focus on the most vital research.