With help from the well-known investment firm Jump Crypto, P2P, the company behind the liquid staking service Lido, led a $13.5 million funding round for Delphi Labs, the incubator division of cryptocurrency research company Delphi Digital. The money will be used to set up a “accelerator” that will help Web3 product development teams grow. This was Delphi’s first attempt to get money from outside the company.
“Over our ~6 years in crypto, we’ve consulted for, invested in, and helped build several multi-billion dollar protocols across every vertical in crypto. We know first-hand how hard it is to build a crypto startup and we’ve experienced all the common pitfalls,” The Delphi team said.
Each team will get $200,000 in cash from the accelerator. The main part of the program will last between four and six months, and at the end, project teams will meet Delphi’s network of possible investors. A core group of engineers, economists, designers, lawyers, and business owners will help participants with things like making products, dealing with legal issues, and going to market.
Delphi Labs goals
Delphi Laboratories says that the goal is to grow to 10 teams per year. Each group of people in the accelerator will focus on a different Web3 ecosystem so that they can get more specialized help. The first group, which will focus on the Cosmos environment, is now taking applications.
“Delphi has an exceptional team with extensive experience and a deep understanding of all aspects of managing a Web3 project. Their expertise ranges from intricate legal structures to tokenomics design and development, as well as building truly decentralized protocols and selecting the ideal technology stack,” said P2P founder Konstantin Lomashuk. “If I were to enter this field and launch a new venture, I would undoubtedly do so through the innovative Delphi Accelerator.”
Content Source: coindesk.com