DoraHacks, a cryptocurrency Web3 developer incentive platform, has secured tens of millions of dollars in new capital from some of the industry’s most powerful investors such as FTX ventures and Liberty City Ventures. 

According to a press statement issued on Wednesday, the platform has received $20 million in a Series B1 fundraising round aimed at accelerating its products, which include the Dora Grant DAO, a decentralized autonomous organization that began earlier this year.

The money will also go to Dora’s Infinite Fund, which intends to invest in “revolutionary concepts” in fintech and is led by FTX Ventures and Liberty City Ventures. Dora said the fund will launch later this year via a non-fungible token (NFT) drop.

The round was also attended by other ventures like Sky9 Capital, Crypto.com Capital, Circle Ventures, Gemini Frontier Fund, and Amber Group.

The money comes after Binance Labs led an $8 million strategic round earlier this year. An additional $20 million was raised for the platform’s DAO-as-a-Service incubator. According to the press statement, the ecosystem’s total financing has reached approximately $50 million.

DoraHacks’ platform helps and curates Web3 companies through hackathons, which are events when programmers, designers, and others get together to work on projects. According to the statement, the site has collected $25 million in awards for over 2000 entrepreneurs since its launch.

DoraHacks has been chosen as a “key partner” in hackathons and community grant programs by more than 40 Web3 ecosystems, including Solana, Polygon, and Avalanche, enabling access to the worldwide developer community, according to Dora.

“DoraHacks is critical to the development of Web3 infrastructure,” stated Emil Woods, a partner at Liberty City Ventures. “As the ecosystem matures, we foresee increasing involvement with our portfolio firms.”

A new iteration of the World Wide Web, Web 3.0 (also called as Web3) is a concept levied on blockchain technology including features like decentralization and token-based economy. Some engineers and observers have linked it to Web 2.0, where data and content are thought to be concentrated in a limited number of “Big Tech” corporations. In 2014, Ethereum co-founder Gavin Wood coined the term “Web3,” and in 2021, cryptocurrency enthusiasts, large technology corporations, and venture capital companies expressed interest in the notion.

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