Cronos Creates $100M Accelerator Program To Support DeFi, Web3 Projects
Chosen developers will have access to seed investments between $100,000 and $300,000
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key takeaways
- Those accepted to the 10-week cohort-based program will be assigned to mentors from within the ecosystem
- The announcement comes less than two weeks after Crypto.com named former Bittrex executive Kwon Park as its new managing director to help drive its Web3 ambitions
A public blockchain network supported by Crypto.com said Tuesday it has launched a $100 million accelerator program to support developers undertaking new blockchain projects.
Cronos, the Ethereum Virtual Machine-compatible network, announced the program is aimed at assisting projects in the advanced DeFi, Web3 gaming and infrastructure space that are looking for funding and mentorship.
Those accepted to the 10-week cohort-based program will be assigned to mentors from within the ecosystem. Between 3 to 4 cohorts will be selected each year, with an average of ten startups in each. Members will have the opportunity to attend weekly workshops that touch on topics linked to protocol-building.
The Cronos Accelerator has a tie-up with key partners for investment, mentorship and workshops, including 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,” Ken Timsit, Cronos managing director, said in a statement.
Chosen projects will also have the chance to nab seed investments worth between $100,000 to $300,000 from Cronos Labs and other established venture capitalists. They will be given marketing support and access to Cronos’ user base via introductions through social media and AMA webinars.
Timsit told Blockworks the current market downturn is a good time for founders to think harder about user problems, while early adopter token rewards are less effective.
“A soft market environment can be an attractive time to start a startup 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 former Bittrex executive Kwon Park as its new managing director to help drive its Web3 ambitions.
Despite a recent market downturn, it appears some crypto companies are seeking to shore up business opportunities through sizeable investments.
Rarible recently launched its own accelerator and grant program dubbed AcceleRari. Using a pitching process, five non-fungible token (NFT) projects will earn support and resources from Rarible’s protocol team. The Sandbox’s parent company, Animoca Brands, announced a similar $30 million Guild Accelerator Program in February.
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