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 leading Web3 hackathon DoraHacks as it plans to further develop the Cardano (ADA) ecosystem.
The funding round also attracted top institutional investors in 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 noted on Monday that investing in the hacker movement is part of the company’s mission to promote global hackathons exclusive to the Cardano blockchain.
DoraHacks is the most active hackathon developer community, with over 300,000 developers and experts.
Both companies are therefore looking to bring the best Web3 dApps to Cardano through DoraHacks DoraFactory’s DAO-as-a-service open source platform. According to the announcement, the platforms are also considering collaborative efforts on bounties, grant programs, and curating top projects within the Cardano universe.
“We expect this investment to stimulate and grow Cardano’s Web3 developer community through co-hosting hackathons, bring more funding and technology resources to Cardano’s decentralized funding programs for Cardano developers, and ultimately accelerates Cardano’s Web3 in the coming years.said Kaimin Hu, a venture capital partner at EMURGO Ventures.
EMURGO Ventures’ plan to scale Cardano comes as its community awaits the launch of Vasil, an upgrade intended to bolster the scaling capabilities of the proof-of-stake blockchain platform.
Although delayed since June, Cardano founder Charles Hoskinson noted recently that the highly anticipated update will take place in September.