DoraHacks Gets $8 Million Funding From Binance Labs

In a push to the developer ecosystem on BSC, the hackathon organizer has received a total of over $12 million in funds this year.

‍

Developer Ecosystem Gets a Push

Binance Labs, the venture capital arm and innovation incubator of Binance, announced an $8 million investment in DoraHacks on Nov. 19, via a Twitter post. 

The strategic investment is aimed at building a more open-source blockchain world. DoraHacks is a decentralized global developer community and open source incentive platform that is attempting to grow the Web3 developer community. The investment will enable support to the community to grants, funding, and incubation.

“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,” commented Bill Chin, Head of Binance Labs Fund, on the investment in the official blog revealing details about the funding.

The two parties will collaborate on the areas listed below:

Resources to back early-stage Web3 startups.

Joint Research & Development (R&D) on decentralized governance technologies and decentralized autonomous organizations (DAOs) infrastructure

Strategic Partnership between Binance Smart Chain (BSC) and DoraHacks for resources

“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,” stated Eric Zhang, the Founder of DoraHacks, on the collaboration with Binance Labs.

Additionally, DoraHacks will close the voting for the $100k Polygon-Grants Hackathon on Nov. 19, as announced via a Twitter post. 

“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.” stated Nicole Zhang, Investment Director of Binance Labs Fund, in the blog post.

‍

About Binance Labs

Binance Labs is created with the objective to identify, invest and power blockchain entrepreneurs, startups, and communities by providing financial resources to industry projects thus enhancing the growth of the blockchain ecosystem. As previously reported by Bsc.News, the Season 3 of the Binance Labs Incubator Program began on Nov. 15 and will promote 9 projects the lab has incubated over an 8-week span.

‍

About DoraHacks

DoraHacks has a mission to create a permanent global hacker movement. Cora’s ecosystem includes the decentralized open-source community, DoraHacks, the developer incentive platform, HackerLink.io, decentralized Hackathon community DAO, DAO as a service DoraFactory, Grant Factory, Dora ID, a privacy voting infrastructure, and multisig & Moloch pallets. The DoraHacks community expands to over 20 mainstream Web3 ecosystems that include Binance Smart Chain (BSC), Polygon, Filecoin, and Solana amongst others.

Find more about the DoraHacks here:‍

Website | Twitter | Youtube | Linkedin | Facebook | Medium | 

Source : bsc.news