Binance Labs Invests $8M in Hackathon Organizer DoraHacks

As part of the funding, DoraHacks will co-host the latest round of Binance Labs’ startup incubator.

AccessTimeIconNov 19, 2021 at 9:00 a.m. UTC
Updated May 11, 2023 at 7:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

DoraHacks, a global hackathon organizer and Web 3 developer community, has received $8 million in strategic funding from Binance Labs, the venture capital and incubator arm of the world’s largest crypto exchange by volume.

DoraHacks provides on-chain toolkits to help developers raise funds for their startups. DoraHacks community members have received over $12 million in grants and donations so far this year, according to the company.

  • 'The Voice' Makes Its Way to the Metaverse
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    What's the Key to Winning a Hackathon?
  • “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,” said DoraHacks founder Eric Zhang in a press release. “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 Web 3 open-source applications and promote Dora Factory’s infrastructure and ecosystem development.”

    DoraHacks partner Steve Ngok told CoinDesk the funding would also help recruit more senior management to improve efficiency and accelerate development.

    As part of the funding, DoraHacks is co-organizing the recently launched third session of the Binance Labs Incubation Program, an eight-week session providing growth assistance for nine startups.

    Prior participants in the incubation program include Polygon and Cere Network.

    DoraHacks and Binance Labs will work together on funding and supporting more early-stage Web 3 startups. The companies will also conduct joint research and development on decentralized governance technologies and decentralized autonomous organization (DAO) infrastructure. DoraHacks will work with Binance Smart Chain (BSC) on BSC grants, hackathons and integration of Dora DAO infrastructure.

    “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 Web 3 projects emerging,” Binance Labs Fund head Bill Chin said in the press release.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.