FTX, Liberty City Ventures Invest $20M in Web3 Dev Platform DoraHacks

FTX Ventures, the venture arm of cryptocurrency exchange FTX, and Liberty City Ventures have invested $20 million in DoraHacks, a multi-chain Web3 developer incentive platform, to expedite the hacker movement’s initiatives.

Following the Series B1 investment led by FTX Ventures and Liberty City Venture, DoraHacks will utilize the funding to speed up the launch of some of its initiatives. The company’s projects include Dora Grant DAO, a decentralized grant community, and Dora Infinite Fund, a permanent tech venture.

The investment round also saw the participation of Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com, and Amber group.

Last year, DoraHacks secured an $8 million investment fund from Binance Labs. Another investment came after, when DoraHacks’ DAO-as-a-service incubation, Dora Factory, raised $20 million. Following the $20 million investment from FTX  and Liberty City, the total investment in Dora projects now nears $50 million over the last 18 months.

DoraHacks is known for curating global Web3 startups through hackathons and grant programs. According to the company, over 2000 startups and developer teams have raised $25 million worth of grants from its platform.

Notably, DoraHacks have previously shown efforts in aiding technology and decentralized governance infrastructures. The company developed and implemented MACI, a zero knowledge, collision-resistant voting protocol, in ETHDenver and OpenSea hackathons.

The DoraHacks also revealed that it is set to launch the Dora Infinite Fund, the company’s evergreen venture, through an NFT drop this year.

Since 2020, DoraHacks has invested in and incubated 20 projects, including Dora Factory, Zecrey, Thetan Arena, and ETHSign. Over 40 Web3 ecosystems, including Solana, Polygon, and Avalanche, have partnered with DoraHacks in hackathons and grant programs. The company is also the co-host of Binance Labs’ incubation program.