Crypto

DoraHacks Gets $8M by Binance Labs to Build a More Open-source Blockchain World

DoraHacks and Binance Labs

Binance Labs, Binance’s venture capital arm and innovation incubator, has invested $8 million in DoraHacks, a decentralized global developer community, and open-source reward platform.

DoraHacks is a hackathon organizer and one of the most active Web 3.0 development groups in the world. It delivers Web 3.0 native on-chain toolkits to assist developers to raise funds for their startups all around the world. So far in 2021, more than 1,000 DoraHacks projects have received over $12 million in grants and donations from people all across the world.

“Backing early-stage entrepreneurs and developers has always been a goal for Binance Labs,” Bill Chin, head of Binance Labs Fund, said of the investment. DoraHacks is one of the most active multichain development communities, with several exciting Web 3.0 projects in the works. As part of the investment, Binance Labs will work with DoraHacks to expand crypto communities and create a more open-source and diverse blockchain environment.

DoraHacks and Binance Labs plan to collaborate closely on the following topics to promote their long-term vision for the expansion of the Web 3.0 developer community:

grants, funding, and incubation resources to support more early-stage Web 3.0 startups, collaborative research, and development on innovative decentralized governance technologies, decentralized autonomous organizations (DAO) infrastructures, strategic partnership between Binance Smart Chain (BSC) and DoraHacks on BSC Grants, hackathons, and integration of Dora DAO infrastructures.

Dora’s goal is to start a global hacking movement that will last forever. DoraHacks is a decentralized open-source developer community, HackerLink.io is an open-source developer incentive platform, Hackathon DAO is a decentralized Hackathon community, DoraFactory is a “DAO-as-a-Service” infrastructure, and Grant Factory, DoraID, privacy voting infrastructure, the Moloch, and multi-signature pallets are all part of the Dora ecosystem.

Developers can use DoraHacks and Dora Factory’s infrastructure to create and fund decentralized governance decentralized applications (DApps) for open source communities and future DAOs. Over 20 popular Web 3.0 ecosystems are already employing Dora’s infrastructure for quadratic governance of their developer communities, including BSC, Polygon, Filecoin, Solana, and others. DoraHacks has over 100,000 monthly active members from 152 different countries.

“Since 2018, DoraHacks has teamed with Binance on 15 global hackathons and grant rounds,” stated Eric Zhang, founder of DoraHacks. Binance has granted over $2 million in financing to over 100 companies through DoraHacks’ developer events and grant toolkits. Over 20 popular Web 3.0 ecosystems are already employing Dora’s infrastructure for quadratic governance of their developer communities, including BSC, Polygon, Filecoin, Solana, and others. DoraHacks has over 100,000 monthly active members from 152 different countries.

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“Since 2018, DoraHacks has teamed with Binance on 15 global hackathons and grant rounds,” stated Eric Zhang, founder of DoraHacks. Binance has granted over $2 million in financing to over 100 companies through DoraHacks’ developer events and grant toolkits.

This latest round of strategic funding will aid in the creation of developer incentive mechanisms, the delivery of more effective products to benefit hackathon organizers and Web 3.0 open source applications, and the advancement of Dora Factory’s infrastructure and ecosystem. Binance shares our aim of supporting Web 3.0 developers worldwide and allowing developers to innovate freely to change the world, which we are pleased to see.”

“Binance Labs has always been a strong advocate for open-source culture,” said Nicole Zhang, investment director of Binance Labs Fund. DoraHacks has built sophisticated infrastructures to enable early-stage open-source blockchain projects with the decentralized vote, funding, and involvement. We are confident that DoraHacks’ strong blockchain developer community will provide unwavering support to Binance Labs’ investment portfolio and the wider ecosystem.”

About DoraHacks

DoraHacks is a hackathon organizer and one of the most active Web 3.0 development groups in the world. DoraHacks provides Web 3.0 native on-chain toolkits to assist developers to generate funds for their enterprises all around the world. Quadratic Funding Grant, Bounty, Hackathon, BUIDL NFT, and Continuous Funding are just a few of DoraHacks’ major features. In 2021, the DoraHacks community earned more than $12 million in grants and donations from supporters all over the world.

Dora Factory is the Dora ecosystem’s DAO-as-a-Service infrastructure, with core governance DApps and Middleware such as grant factory, privacy voting infrastructure, and DoraID for DAOs and open source communities.

About Binance Labs

Binance Labs seeks out, invests in, and empowers viable blockchain entrepreneurs, businesses, and communities to fund industry projects that contribute to the overall growth of the blockchain ecosystem. Binance Labs is dedicated to assisting fast-moving teams that have a beneficial impact on the crypto space.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.