The investment round also included Binance Labs, Crypto.com, FTX Ventures and Circle Ventures among other institutional investors.
EMURGO’s venture arm has invested in Web3 hackathon leader DoraHacks as it eyes further development of the Cardano (ADA) ecosystem.
The funding round also attracted leading institutional investors within the crypto market, including FTX Ventures, Binance Labs, Crypto.com Capital, Gemini Frontier Fund, Circle Ventures and Sky9 Capital.
Eyeing Cardano’s Web3 ecosystem
An EMURGO press release on Monday noted that the investment into the hacker movement is part of the company’s mission of promoting global hackathons exclusive to the Cardano blockchain.
DoraHacks is the most active hackathon developer community, counting more than 300,000 devs and experts.
The two firms are thus looking to bring top Web3 dApps to Cardano via DoraHacks’ open source DAO-as-a-service platform DoraFactory. According to the announcement, the platforms also eye collaborative efforts on bounties, grant programs, and curation of top projects within the Cardano universe.
“We expect this investment to drive and scale Cardano’s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to Cardano’s decentralized funding programs for Cardano devs, and ultimately accelerate Cardano’s Web3 in the years to come,” said Kaimin Hu, a venture partner at EMURGO Ventures.
EMURGO Ventures’ plan to scale Cardano comes as its community awaits the launch of Vasil, an upgrade meant to boost the proof-of-stake blockchain platform’s scaling capabilities.
Though delayed since June, Cardano founder Charles Hoskinson recently noted that the highly anticipated update will now happen in September.