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Binance Labs Takes Interest in DoraHacks, Makes $8M Strategic Investment

Binance Labs News
  • Binance Labs makes strategic investment in DoraHacks.
  • The investment is $8 million.

The Dorahacks initiative became a global trend. Thanks to this, Binance Labs, the venture capital arm of Binance, has made an $8 million strategic investment.

DoraHacks provides Web3 native on-chain toolkits to developers to fund their startups and ideas. As of November 2021, more than 1000 projects were secured–totaling $12 million in donations and grants from global supporters.

  • Following this investment, both enterprises will collaborate on different areas:
  • Funding, grants, and incubation resources for Web3 Startups
  • Joint R&D on DAOs and decentralized governance
  • Strategic partnership between Binance Smart Chain (BSC) and DoraHacks on BSC Grants and hackathons, and integrating Dora Dao infrastructure

Bill Chin, Binance Labs Fund Head, states:

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.

Meanwhile, Eric Zhang, DoraHacks Eric Zhang further adds:

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.

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Angela is a writer for CoinQuora. She writes and covers blockchain and crypto news and aims to bring the world of digital assets to people of all ages.