Web3 startup accelerator Cronos Labs recently ushered in the recruitment phase for its colossal $100M accelerator program. The motive behind this immense contribution is to bolster early-stage projects by providing them with opportunities for funding and mentorship.
Cronos Labs has emphasized that the main objective of the accelerator is to cultivate startups that have the potential to shape the future of Web3. They are particularly interested in projects that are centered around developing practical use cases that can promote the adoption of decentralized applications (DApps), with a focus on genuine users rather than bots.
However, there’s a doubly-edged sword to be wary of. While it’s fantastic to support startups with promising Web3 technologies, this strategy can inadvertently serve as a lure for scammers using government-owned website URLs to dupe victims and access their crypto wallet holdings. These scammers typically disguise as popular online platforms like MetaMask, redirecting unsuspecting users to fraudulent websites that seek access to their wallets.
Back to Cronos Labs, the recruitment phase of the program synchronously kicked off with the commencement of the Korea Blockchain Week on Sept. 4, and will span till Sept. 10. In the duration of this recruitment window, Cronos Labs will meticulously handpick eight startups that will partake in a 12-week virtual program. This program boasts a plethora of perks including mentorship, masterclasses, marketing and financial support, and even introductions to strategic partners. It culminates in a demo day set to kickstart fundraising discussions.
In a statement issued by Charlotte Kapoor, head of innovation programs at Cronos, she painted a vivid picture of the rigorous selection process, stating that curating a final shortlist is going to be an uphill battle due to an overwhelming number and quality of applicants. The program is searching for innovative proposals that can notably solve real-world problems and showcase ingenious applications of AI, blockchain, and decentralized technology.
Cronos has tapped an array of prominent companies such as Google Cloud, Amazon Web Services (AWS), and blockchain security giants CertiK and PeckShield to serve as mentors and allies in the program.
Ultimately, it is clear that while the development and adoption of Web3 is gradually gaining traction, it is vital to remain vigilant about potential threats along the way, as the crypto environment is still rife with risks. Remember to always observe caution when dealing with online platforms and keep your digital assets secure.
Source: Cointelegraph
