DoraHacks Raises $ 8 Million From Binance Labs to Create a More Open Source Blockchain World

DoraHacks, a decentralized worldwide developer community and open-source incentive stage, has gotten $8 million in strategic investment from Binance Labs, the venture capital arm and innovation incubator of Binance. DoraHacks is a worldwide hackathon coordinator and one of the world’s most active Web3 developer communities. It gives Web3 local on-chain toolkits to help developers all throughout the world raise funding for their new businesses. In 2021 up until this point, in excess of 1,000 projects in the DoraHacks community have gotten more than $12 million in grants and donations from worldwide supporters.

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:

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.”

Grants, funding, and incubation resources to back more early-stage Web3 startups

Strategic Partnership between BSC (Binance Smart Chain) and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures

Joint R&D on innovative decentralized governance technologies and DAO infrastructures

Dora’s mission is to create a permanent global hacker movement. The Dora ecosystem includes the decentralized open-source developer community DoraHacks, the open-source developer incentive platform, the decentralized 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 decentralized governance DApps for open source communities and future decentralized autonomous organizations (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.

Eric Zhang, Founder of DoraHacks, said: “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 USD 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.” 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.”

News Summary:

  • DoraHacks Raises $ 8 Million From Binance Labs to Create a More Open Source Blockchain World
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