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Binance Labs Invests $8 Million in DoraHacks to Build a More Open-Source Blockchain World

2021-11-19

Main Takeaway

  • Binance Labs invested $8 million in Dorahacks and two parties will maintain the long-term partnership to further build crypto communities and establish a more open-source and diverse blockchain world

  • The investment is to support DoraHacks to grow Web3 developer community including Grants, funding, and incubation; Joint R&D on innovative decentralized governance technologies and DAO infrastructures; Strategic Partnership between BNB Chain (former BSC) and DoraHacks

Binance Labs, the venture capital arm and innovation incubator of Binance, announced its $8 million strategic investment in DoraHacks, a decentralized global developer community, and open-source incentive platform.

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We are pleased to announce that Binance Labs, the venture capital and innovation incubator of Binance, invested $8 million in DoraHacks, a decentralized global developer community and open-source incentive platform.

DoraHacks is a global hackathon organizer 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 startups. In 2021 so far, more than 1,000 projects in the DoraHacks community have received over $12 million in grants and donations from worldwide supporters, and it has around 100,000 monthly active users from 152 countries. Over 20 mainstream Web3 ecosystems are already using Dora's infrastructure for quadratic governance of their developer communities. 

Head of Binance Labs Fund Bill Chin 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.”

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To support their long-term vision for the growth of the Web3 developer community, Binance Labs and DoraHacks plan to work together on the following areas closely:

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

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

  • Strategic Partnership between BNB Chain (former BSC) and DoraHacks on BNB Chain Grants, Hackathons and integration of Dora DAO infrastructures

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 $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.”

Binance Labs, the Venture Capital Arm and Incubator of Binance, into the Gaming and Developing

Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem. Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space. Read the following item about Binance Labs recent Season3 Incubation program: 

Binance Labs Launches Season 3 of Incubation Program