Hackathon organizer DoraHacks has raised $20 million in a funding round led by FTX Ventures, the investment arm of crypto exchange FTX, and Liberty City Ventures.
Other participants in the round included Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group.
DoraHacks has curated hackathons for over 200 Web 3 startups and developer teams, including the Solana, Polygon and Avalanche ecosystems. The funding round’s backers said in a press release that having access to the front lines of blockchain development was an attractive opportunity.
The capital will be used to drive the launches of the Dora Grant DAO, a decentralized grant community, and Dora Infinite Fund, a venture fund focused on non-fungible tokens (NFTs).
DoraHacks previously raised $8 million last November in a strategic funding round led by Binance Labs.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.