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

by Mike Robinson

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© Reuters. Binance Labs invests $8M in DoraHacks Strategically
  • Binance Labs invests strategically in DoraHacks
  • This investment amounts to $8 million.

Dorahacks became a worldwide trend. Binance Labs has invested $8 million in strategic investments thanks to the Dorahacks initiative.

DoraHacks offers Web3 on-chain toolskits for developers, which can be used to finance their startup and ideas. As of November 2021, more than 1000 projects were secured–totaling $12 million in donations and grants from global supporters.

  • Both companies will work together in different areas after this investment.
  • Web3 Startups: Funding, grants, incubation, and funding
  • Joint R&D on DAOs and decentralized governance
  • Strategic partnership between Binance Smart Chain and DoraHacks for BSC Grants, hackathons and integration of Dora Dao infrastructure

Bill Chin (Binance Labs Fund Chief), states:

Binance Labs have been supporting early-stage developers and startups since the beginning. DoraHacks has great Web3 projects and is the largest multi-chain community of developers. Binance Labs is investing in DoraHacks to further develop crypto communities. It will also help create an open-source, diverse blockchain world. Binance Labs is co-organizing the third season of Binance Labs’ Incubation Program.

Eric Zhang and DoraHacks Eric Zhang continue to add:

Binance and DoraHacks have partnered on 15 global hackathons, grant rounds, since 2018. 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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