As part of a fundraising strategy to facilitate the growth of the Cardano (ADA) ecosystem, the venture arm of EMURGO has made an investment in DoraHacks(a global leading hacker organisation that acts as a bridge), the organiser of the Web3 hackathon.
A number of the most prominent institutional investors in the cryptocurrency business participated in this investment round. These investors include FTX Ventures, Binance Labs, Crypto.com Capital, Gemini Frontier Fund, Circle Ventures, and Sky9 Capital.
According to a press statement issued by EMURGO on Monday, the investment made towards the hacker movement is a component of the company’s objective to promote worldwide hackathons that are unique to the Cardano blockchain.
With more than 300,000 developers and industry professionals registered, DoraHacks is the most active hackathon development community.
As a result, the two companies are working toward the goal of porting some of the most popular decentralised applications (dApps) from Web3 to Cardano using DoraHacks’ open source DAO-as-a-service platform, DoraFactory. According to the release, the platforms want to work together on bounty programmes, grant opportunities, and the selection of the best Cardano-related projects now under development.
EMURGO Ventures’ strategy to grow Cardano arrives as its community waits for the debut of Vasil, an update that is designed to increase the scaling capabilities of the proof-of-stake blockchain platform. Cardano is a proof-of-stake blockchain platform.
Charles Hoskinson, the creator of Cardano, recently revealed that the much-anticipated upgrade will now take place in September, despite the fact that it has been postponed since June.