Binance Labs pumps $8m into DoraHacks project
DoraHacks, a decentralised 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 organiser 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 start-ups.
So far, throughout 2021 so far, more than 1,000 projects in the DoraHacks community have received in excess if $12 million in grants and donations from worldwide supporters.
“Backing early-stage start-ups and developers has always been a strategy for Binance Labs,” said Bill Chin, Head of Binance Labs Fund.
“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-organising 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 start-ups
- Joint R&D on innovative decentralised governance technologies and DAO infrastructures
- Strategic Partnership between BSC (Binance Smart Chain) and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures
Dora’s mission is to create a permanent global hacker movement. Its ecosystem includes the decentralised open-source developer community DoraHacks, the open-source developer incentive platform HackerLink.io, the decentralised Hackathon community Hackathon DAO, the “DAO-as-a-Service” infrastructure DoraFactory, as well as dGov middlewares such as Grant Factory, DoraID, privacy voting infrastructure, the Moloch and multisig pallets.
Developers can build and fund decentralised governance dApps for open source communities and future decentralized autonomous organisations (DAOs) upon the infrastructure provided by DoraHacks and Dora Factory. At present, over 20 mainstream Web3 ecosystems – including BSC, Polygon, Filecoin, Solana, etc – are already using Dora’s infrastructure for quadratic governance of their developer communities. DoraHacks has approximately 100,000 monthly active users from 152 countries around the world.
“Since 2018, DoraHacks has partnered with Binance on 15 global hackathons and grant rounds,” said Eric Zhang, Founder of DoraHacks.
“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 organisers 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 DoraHacks
DoraHacks is a global hackathon organiser 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 start-ups. DoraHacks core features range from Quadratic Funding Grant, Bounty, Hackathon, BUIDL NFT, and Continuous Funding. 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.
About Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, start-ups, 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.