Binance Labs backs DoraHacks with $8M investment
Binance Labs, the venture capital and the blockchain technology incubator, has invested $8 million in global hackathon organizer and Web 3 developer community, DoraHacks. The deal will focus on building a more open-source blockchain world and enhancing the services provided by Dorahacks.
Binance Labs and DoraHacks to work closely
As per the press release, the investment arm will be backing the hackathon organizer with $8 million to increase community outreach and improve user experience.For the year 2021, there have been more than 1,000 projects involving DoraHacks, and all have gathered a cumulative of $12 million in investment and donations all across the world.
"Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world," said Bill Chin, Head of the Fund.Chain also stated that the "investment arm and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program."
Partnership with MOBOX
Binance Labs is known for kicking off various funding rounds with many startups and helping them strengthen their foundations. While Binance continues to operate the world's biggest exchange, the firm's investment arm continues to add new firms into partnerships.As per reports, Binance Labs also invested in the Hong Kong-based gaming metaverse platform MOBOX. MOBOX is a platform that combines NFTs and optimized DeFi yield farming to form a free-to-play and play-to-earn GameFi metaverse. This metaverse is popularly known as the MOMOverse.
For the time being, the financial details remain under the curtains. However, the capital will be put into developing the MOMOverse and the blockchain platform built on the Binance Smart Chain (BSC). Furthermore, a part of the investment will also be utilized to complete the player-created Decentralised Autonomous Guild (DAG).
The platform also seeks to expand its NFT mystery boxes strategy with help from Binance Labs, followed by building Game Creator and NFT Creator tools. The DeFi and Metaverse funding continues to drive prices of Metaverse tokens like SAND, MANA, and MOBOX as Bitcoin remains bearish.
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