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Cronos launches a $100 million accelerator for DeFi and Web3 projects

Cronos_launches_a_$100_million_accelerator_for_DeFi_and_Web3_projects

On Tuesday, Crypto.com-backed public blockchain network announced the launch of a $100 million accelerator program to assist developers in developing new blockchain applications.

Cronos, the Ethereum Virtual Machine-compatible network, established the effort to assist projects seeking funding and mentorship in advanced DeFi, Web3 games, and infrastructure.

Participants accepted into the 10-week cohort-based program will be matched with mentors within the ecosystem. Each year, three to four cohorts of ten enterprises will be founded. Members will have the opportunity to attend weekly seminars on protocol development topics.

Cronos Accelerator’s key investment, mentorship, and seminar partners are Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, and AP Capital.

“Through Cronos Accelerator, we want to enhance the potential of projects that sincerely want to help grow the ecosystem by providing support in almost every area of their operations,” Cronos Managing Director Ken Timsit said in a statement.

Cronos Labs and other seasoned venture capitalists will contribute $100,000 to $300,000 in seed funding to chosen firms. Through social media introductions and AMA webinars, they will get marketing assistance and access to Cronos’ user base.

While early adopter token rewards are less effective, Timsit told Blockworks that the current market downturn is an excellent opportunity for innovators to focus more on customer problems.

“A soft market environment can be an attractive time to start a start-up accelerator, because the value proposition of an accelerator is all about iterating and fine-tuning a product idea in order to reach product market fit,” he said.

The announcement comes less than two weeks after Crypto.com named Kwon Park, a former Bittrex executive, as its new managing director to help push the company’s Web3 objectives.

Despite the current market fall, it seems that some crypto businesses are aiming to grow their business via substantial investments.

AcceleRari, Rarible’s own accelerator and grant program, was just launched. Following a pitching process, Rarible’s protocol team will help and resource five NFT concepts. Animoca Brands, The Sandbox’s parent company, established a $30 million Guild Accelerator Program in February.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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