Brian Armstrong’s ResearchHub startup raised $5M in funding.

ResearchHub, a startup co-founded by Coinbase CEO Brian Armstrong that aims to speed up scientific research using cryptocurrency, has raised $5 million in a funding round.

The funding round, known as Series A, was led by Open Source Software Capital, with participation from Boost VC, RedHat’s Bob Young, Vercel’s Guillermo Rauch, Replit’s Amjad Masad, and others.

Funders of science projects typically use citation-based metrics to evaluate the quality of an academic researcher, which means many scientists focus on producing research that generates the most citations. Armstrong and co-founder Patrick Joyce argue that this approach is flawed and wasteful. They believe that science should operate more like open-source software.

ResearchHub is developing a platform that enables anyone to earn cryptocurrency rewards for contributing new knowledge to the global scientific community. Users receive ResearchCoin (RSC) for publishing content on ResearchHub, and the amount of RSC received is proportional to how valuable the content is perceived to be by other members of the community.

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“Our web application includes a suite of publishing and collaboration tools to help researchers draft new manuscripts and share them with the world,” said a ResearchHub blog post. “Over time, we hope to develop a ResearchCoin reward structure that channels resources to the best and brightest minds on ResearchHub in a reliable, evidence-based manner.”

Edited by Sheldon Reback.

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