Dorahacks, one of the world’s most active Web3 global developer communities and a global hackathon organizer, has just announced it has received $8 million from Binance Labs, the VC arm and innovation incubator of Binance, the world's largest crypto exchange by trading volume.
The company, which is a global hackathon organizer and one of the world's most active Web3 developer communities, offers Web3 native on-chain toolkits in order to help devs raise funding for their startups.
It must be noted that so far this year, over 1,000 projects in the DoraHacks community have received more than $12 million in grants and donations from supporters from all over the world.
DoraHacks and Binance Labs will cooperate on multiple areas, including grants, funding, and incubation resources to back more early-stage Web3 startups, joint R&D on innovative decentralized governance technologies and DAO infrastructures as well as strategic partnership between BSC (Binance Smart Chain) and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures.
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At the moment, more than 20 mainstream Web3 ecosystems are already using Dora's infrastructure for quadratic governance of their developer communities.
Bill Chin, Head of Binance Labs Fund, said 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."
Eric Zhang, founder of DoraHacks, said:
"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."