DoraHacks Secures $8M In Strategic Investment From Binance Labs

DoraHacks, a decentralized global hackathon organizer and an open-source incentive platform, has announced that it has secured up to $8 million from Binance Labs, the venture capital arm of Binance. According to the organization through a press release, the funds will go towards building its ecosystem by attracting more global developers.

“Strategic Partnership between BSC (Binance Smart Chain) and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures,” the company noted in the press release.

Notably, the DoraHacks’ ecosystem includes several sectors that are all available on its developer platform HackerLink.io. Moreover, DoraHacks’ main mission is to create a decentralized and permanent global hacker movement.

“The Dora ecosystem includes the decentralized open-source developer community DoraHacks, the open-source developer incentive platform HackerLink.io, the decentralized Hackathon community Hackathon DAO, the “DAO-as-a-Service” infrastructure DoraFactory, as well as dGov middlewares such as Grant Factory, DoraID, privacy voting infrastructure, the Moloch and multisig pallets,” the company explains.

By partnering with Binance, both entities are guaranteed mutual benefits that come together. As for DoraHacks, the firm will receive backing from the leading crypto exchange and investor. Thereby legally and officially bringing together developers and hackers from all over the world. On the other hand, Binance will be strengthening its command in the blockchain and crypto industry. Furthermore, it is the leading crypto exchange in terms of daily traded volume.

“Backing early-stage startups and developers has 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,” Bill Chin, Head of Binance Labs Fund noted.

DoraHacks has so far funded other projects amounting to $10.27 million. Whereby it said $7.15 million came through its community contributions. Additionally, the company revealed that it has up to 32,034 active builders. Out of which it has recorded up to 1,712 builds.

“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,” DoraHacks noted.

Worth noting, DoraHacks recorded up to 100,000 monthly active users from 152 countries around the world in the past few months. Thereby making it a major hub for developers.