Using Cryptocurrency to Tap into the Wisdom of Crowds

RARECast

Alok Tayi thinks the biggest obstacle to treating patients with rare diseases isn’t finding potential treatments but funding them. Vibe Bio, a decentralized autonomous organization, is building a community of patient advocates and investors where holders of a crypto currency token Vibe sells each get to vote on how to invest its pool of money in rare disease drug development efforts. Once a decision is made to invest in the development of a therapy, Vibe creates a traditional corporation and uses conventional financing mechanisms. We spoke to Tayi, co-founder and CEO of Vibe Bio, about its approach, why he believes it will lead to the development of therapies that would otherwise go unfunded, and how the company’s decision-making model works.