DoraHacks, an open source incentive platform and decentralized global developer community, has secured $8 million in strategic investment from Binance (BNB/USD) Labs, Invezz learned from a press release. Binance Labs is Binance’s venture capital arm and innovation incubator.
One of the most active Web3 dev communities in the world
DoraHacks is one of the world’s most active Web3 developer communities and a global hackathon organizer. It helps developers around the world raise funding for their startups by providing Web3 native on-chain toolkits. This year, over 1,000 DoraHacks projects have received a total of around $12 million in grants and donations from worldwide supporters.
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Bill Chin, Head of Binance Labs Fund, stated:
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.
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.
Eric Zhang, Founder of DoraHacks, added:
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.
DoraHacks and Binance Labs will cooperate in the following areas in support of their long-term vision for the growth of the Web3 developer community:
- Joint R&D on innovative decentralized governance technologies
- Funding and incubation resources to support Web3 startups
- Strategic partnership on BSC grants, hackathons, etc.
Tens of mainstream Web3 ecosystems use Dora’s infrastructure
More than 20 mainstream Web3 ecosystems are currently using Dora’s infrastructure for quadratic community governance, including Filecoin (FIL/USD), Solana (SOL/USD), BSC, and Polygon (MATIC/USD). DoraHacks’ 100,000 monthly active users come from 152 countries.
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