Binance Labs Invests $8 Million In DoraHacks To Advance Web3 Development

A new chapter dawns upon the Binance Labs Incubation program as DoraHacks secures $8 million in strategic funding. The money comes from Binance Labs, the popular cryptocurrency trading platform’s VC arm and innovation incubator.

SINGAPORE, SINGAPORE / ACCESSWIRE / November 19, 2021 / DoraHacks is a decentralized global developer community and open-source incentive platform. Through this organization of global hackathons and the growing Web3 developer community, the project has attracted much attention. Its on-chain toolkits are of great value to Web3 developers to fund their startups and ideas. Over 1,000 projects secured funding throughout 2021, totaling over $12 million in grants and donations from supporters globally.

The Dorahacks initiative is a global trend, thanks to several successful hackathons globally and the strong focus on Web3 development. The hard work results in securing $8 million in strategic investment from Binance Labs.

Following this commitment, both entities will work together on various areas, including more resources for early-stage Web3 startups, joint R&D on DAOs and decentralized governance, and a strategic partnership between Binance Smart Chain and DoraHacks on hackathons, BSC Grants, and integrating Dora Dao infrastructure.

Binance Labs Fund Head Bill Chin adds:

“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.”

At its core, Dora’s mission is to create a global hacker movement through decentralized open-source solutions. Its ecosystem spans DoraHacks, Hackerlink.io, Hackathon DAO, DoraFactory, and various dGov middlewares. Among those middlewares are DoraID, the Moloch, and privacy voting infrastructure, among other things.

Binance Labs Fund Investment Director Nicole Zhang comments:

“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.”

Moreover, under the Dora banner, developers can build and fund decentralized governance DApps and future DAOs on the DoraHacks and Dora Factory infrastructure. Several mainstream Web3 ecosystems use Dora’s infrastructure, including BSC, Polygon, Solana, etc. Additionally, DoraHacks is represented by tens of thousands of users from over 150 countries worldwide.

DoraHacks Founder Eric Zhang adds:

“Since 2018, DoraHacks has partnered with Binance on 15 global hackathons and grant rounds. Through DoraHacks’ developer events and grant toolkits, Binance has distributed over $2 million in funding to more than 100 teams. This new round of strategic investment will help us accelerate the innovation of developer incentive mechanisms, deliver more effective products to support hackathon organizers and Web3 open source applications, and promote Dora Factory’s infrastructure and ecosystem development. We’re happy to see Binance sharing our vision to support Web3 developers worldwide and help developers innovate freely to change the world.”

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.

About DoraHacks

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.

Dora Factory is the DAO-as-a-Service infrastructure in the Dora ecosystem, featuring core governance DApps and Middleware like Grant Factory, Privacy Voting Infrastructure, and DoraID for DAOs and open source communities.

For more info:

Website: https://dorahacks.com

Twitter: https://twitter.com/DoraHacks

Medium: https://hidorahacks.medium.com/

Contact:
Steve Ngok
steve@dorahacks.com

SOURCE: DoraHacks

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