The investment round also included Binance Labs, Crypto.com, FTX Ventures and Circle Ventures among other institutional investors.EMURGO has invested in DoraHacks, a company that leads hackathons. EMURGO is doing this to help develop the Cardano ecosystem.

The fundraising round also attracted prominent corporate investors from the cryptocurrency industry, such as Binance Labs, FTX Ventures, Crypto.com Capital, Gemini Frontier Fund, Circle Ventures, and Sky9 Capital.

DoraHacks will use the investment to fuel Cardano’s growth by organizing hackathons, and meetups, as well as developing tooling and infrastructure. The company will also focus on increasing the adoption of Cardano among developers and institutions.

The partnership between EMURGO and DoraHacks is a strategic move to further Cardano’s development and expand its ecosystem. DoraHacks has a proven track record in organizing hackathons and meetups and has a strong network of developers and institutions.

Looking at Cardano’s Web3 ecosystem

EMURGO announced on Monday that it plans to invest in the hacker movement. As a way of promoting global hackathons focused on the Cardano blockchain.

DoraHacks is a hackathon developer community that boasts more than 300,000 experience developers and experts.

The two companies are working to bring the best Web3 dApps to Cardano through DoraHacks’ open-source DAO-as-a-service platform, DoraFactory.

According to the statement, the platforms are also considering partnership efforts on grant programs, bounties, and curating top projects within the Cardano world.

“We are hoping that this investment will help to grow our community of Web3 developers. We also hope it will bring more funding and resources to our programs that help developers create decentralized applications on Cardano. This will help us to develop Web3 faster in the future;” says EMURGO Ventures partner’ Kaimin Hu.

EMURGO Ventures is scaling Cardano as the Vasil upgrade, which is designed to improve the proof-of-stake blockchain platform’s scalability, launches.

Cardano founder Charles Hoskinson recently states that the much-anticipated update will now take place in September, after being delayed since June. Cardano’s price has dropped since then, currently sitting at $0.081.

The Cardano (ADA) project, is a proof-of-stake (PoS) blockchain platform that aims to offer more advanced features than its predecessors.

Cardano is being developed in layers, which gives the network flexibility as it grows. Cardano’s development team is led by former Ethereum Co-Founder Charles Hoskinson.

It was first mentioned in a whitepaper published in 2015. But the project gained traction in 2017 when its price began to rise along with other major cryptocurrencies. Cardano’s price peaked in January 2018 at $1.33 but has since fallen to its current price of $0.081.

Cardano is currently in the process of rolling out its much-anticipated Shelley update. Which will bring staking and other features to the network.

The Shelley update was originally scheduled to launch in Q2 of 2019 but has been delayed several times. Cardano is now expected to launch Shelley in September 2022.

About Cardano

Cardano is an open-source, decentralized public blockchain and cryptocurrency project. Cardano is creating a smart contract platform that will be more advanced than any other platform that has been developed before it.

It is the first blockchain platform to evolve out of a scientific philosophy and a research-first-driven approach. The development team consists of a global collective of expert engineers and researchers.

Cardano’s roadmap has been divided into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. Cardano launched its mainnet in September 2017, and Cardano Shelley is now expected to launch in September 2022.

Summary

EMURGO, the blockchain venture arm of Cardano (ADA), has invested in DoraHacks, a leading organization for Web3 hackathons. This move signals EMURGO’s commitment to furthering the development of the Cardano ecosystem.

Cardano is an open-source smart contract platform that seeks to deliver more advanced features

than any other protocol previously developed.

What do you think about this partnership between EMUGRO and DoraHacks? Do tell us in the comment section!

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James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.