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Silo Pharma Inc. (SILO) announced it acquired ResearchCoin (RSC) tokens as part of its digital assets treasury strategy. The biopharmaceutical company purchased the cryptocurrency associated with ResearchHub, a decentralized science platform co-founded by Coinbase CEO Brian Armstrong in 2019.
The purchase represents Silo Pharma’s entry into the decentralized science movement, which applies blockchain technology to scientific research and collaboration. RSC tokens are designed to reward users for sharing, reviewing and curating scientific knowledge on the ResearchHub platform.
"By securing a position in RSC, we are participating in the growing decentralized science movement while pursuing asset diversification and potential appreciation for shareholders," said Eric Weisblum, CEO of Silo Pharma .
ResearchHub operates as a platform where researchers can collaborate, publish and conduct peer reviews in a tokenized environment. The system aims to recognize and reward contributors for their scientific work through cryptocurrency incentives.
Silo Pharma describes itself as a developmental-stage biopharmaceutical and cryptocurrency treasury company. The company focuses on treatments for stress-induced psychiatric disorders, chronic pain and central nervous system diseases. Its therapeutic portfolio includes programs targeting PTSD, fibromyalgia and neurodegenerative conditions.
The company did not disclose the amount invested in RSC tokens or specify what percentage of its treasury the purchase represents. The acquisition forms part of what Silo Pharma characterizes as an expanded digital assets strategy.