Blockchain startup accelerator Cronos Labs has recently revealed the launch of its second cohort for the Cronos Accelerator Program. Backed by a significant $100 million investment, this program is designed to support early-stage crypto projects by offering both mentorship and funding opportunities. Cronos Labs has handpicked eight projects to be part of their accelerator program, each receiving upfront seed funding of $30,000 to kickstart their 12-week journey.
The selected projects include Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAi. These projects span across various domains, such as Web3 game development, decentralized social networking, pet-focused video sharing, smart-contract wallet integration, loyalty platforms for Web3 gaming, exchange aggregation for institutional trading, liquid marketplaces for yield-earning opportunities, and an ecosystem for the peer-to-peer economy of generative AI.
A noteworthy theme of this second cohort is the intersection of artificial intelligence (AI) and blockchain technology. To facilitate this, Cronos Labs has collaborated with Amazon Web Services (AWS) to provide AI-related workshops and mentorship sessions for the participating projects. In addition, these projects will be granted access to AWS’ resources, including machine learning and AI services. Among other valuable partners for this cohort are CertiK, Hacken, and Covalent.
The culmination of the 12-week program will see the selected projects showcasing their concepts to investment partners at a Demo Day in late July 2023. This event presents an opportunity for participants to secure further seed funding and backing from prominent investors such as NGC, Fundamental Labs, Spartan Group, and Delphi Digital.
Cronos, the blockchain platform by Crypto.com, introduced its $100 million accelerator initiative in June, supporting nascent DeFi and Web3 projects. The program has been endorsed by reputable companies including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.
Despite a prolonged crypto winter, there is an apparent growth in blockchain accelerator programs centered around Web3 development. In May, The Open Network (TON), a layer-1 blockchain created by Telegram, unveiled the “TON Accelerator Program,” a $25 million fund to support projects within its ecosystem. This program will offer investments ranging from $50,000 to $250,000 per project and valuable partnerships and mentorship from the TON team.
Source: Cointelegraph
