DoraHacks has obtained $8 million from Binance Labs in the form of a strategic investment. The investment is intended to boost Web3 startups by providing funding and incubation resources. On a broader perspective, the partnership is geared towards advancing the Dora DAO infrastructures as well as Binance Smart Chain (BSC) grants and Hackathons.
DoraHacks is an open-source incentive platform that has grown into one of the most dynamic Web3 developer communities globally. Besides, it is recognized as a hackathon organizer that operates worldwide.
Notably, it has aided various developer startups across the globe to raise funds via their innate Web3 on-chain toolkits. For instance, since the beginning of 2021, grants and donations worth more than $12 million have been awarded to over 1,000 projects within the DoraHacks develop community.
Speaking about the investment, the Head of Binance Labs Fund, Bill Chin has stated,
“Backing early-stage startups and developers have always been a strategy for Binance Labs…Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world. Binance Labs and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program”.
The Binance Labs Incubation Program, which DoraHack will co-organize, is a session that runs for eight weeks and offers growth assistance to several startups. In the past, Cere Network and Polygon have participated in the program.
On his part, the founder of DoraHacks, Eric Zhang has noted that the company has partnered with Binance in 15 hackathons and funding rounds globally. He’s further indicated,
“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.”