DoraHacks, a decentralized global developer community and open-source incentive platform, has secured $8 million in strategic investment from Binance Labs, the venture capital arm and innovation incubator of Binance.
DoraHacks is a global hackathon organizer and one of the world’s most active Web3 developer communities. It provides Web3 native on-chain toolkits to help developers around the world raise funding for their startups. In 2021 so far, more than 1,000 projects in the DoraHacks community have received over $12 million in grants and donations from worldwide supporters.
Bill Chin, Head of Binance Labs Fund, commented on the investment: “Backing early-stage startups and developers have always been a strategy for Binance Labs. DoraHacks is one of the largest multi-chain developer communities with great Web3 projects emerging. Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world. As one of the initiatives, Binance Labs and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program.”
To support their long-term vision for the growth of the Web3 developer community, DoraHacks and Binance Labs plan to work together on the following areas closely:
- Grants, funding, and incubation resources to back more early-stage Web3 startups
- Joint R&D on innovative decentralized governance technologies and DAO infrastructures
- Strategic Partnership between BSC (Binance Smart Chain) and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures
Nicole Zhang, Investment Director of Binance Labs Fund, said: “Binance Labs has always been a strong advocate for open-source culture. DoraHacks has developed sophisticated infrastructures to support decentralized voting, funding, and participation for early-stage open-source blockchain projects. We believe DoraHacks’ large blockchain developer community will provide endless support to Binance Labs investment portfolio as well as our greater ecosystem.”
DoraHacks is a global hackathon organizer and one of the world’s most active Web3 developer communities. DoraHacks provides Web3 native on-chain toolkits to help developers around the world raise funding for their startups. DoraHacks core features range from Quadratic Funding Grant, Bounty, Hackathon, BUIDL NFT, and Continuous Funding. In 2021, over 1,000 projects in the DoraHacks community received more than $12 million in grants and donations from worldwide supporters.
About Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, financing industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space.