Cosmos Reaches Milestone as Blockchain Developer Launches $150M Accelerator
Ignite, formerly Tendermint, has inked 11 investment partners to fund “the next wave of revolutionary early-stage startups in Web3”
Blockworks exclusive art by Axel Rangel
key takeaways
- Ignite Accelerator will focus on the multichain ecosystem, part of the core ethos of Cosmos
- Initial strategic partners are Alameda Research, KuCoin Ventures, OKX, Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo
A new fund with an initial commitment of $150 million aims to accelerate the time to market of early-stage blockchain interoperability projects.
The funding comes on the heels of the Theta upgrade to the Cosmos Hub, the first of two major updates to enable interchain accounts, which is a key component of Ignite’s vision for multichain interoperability.
The fund, called Ignite Accelerator, “ensures that individuals who would like to be part of building an open and decentralized global future are set up for success,” Ignite CEO Peng Zhong said in a statement.
Ignite’s forerunner, Tendermint Inc., founded the Cosmos blockchain and still plays an active role in the now-community-led ecosystem.
After the next scheduled upgrade, Rho, the Cosmos Hub will be able to manage accounts across multiple blockchains. That opens up the design space for Web3 applications for the first time. For instance, custody providers will be able to service accounts on other IBC-connected blockchains through a common interface on the Cosmos Hub.
The Ignite Accelerator aims to support up to 20 projects per year with semiannual cohorts of six months, the first slated for June. Successful applicants stand to gain access to capital, but also “hands-on guidance in key areas like blockchain development, marketing, [public relations] and tokenomics,” the statement said.
This practical guidance is a part of the package pitched by the project’s backers — industry heavyweights and experienced validators of Tendermint-based blockchains — Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.
“As best-in-class investors, they share our vision and hold valuable experience in partnering closely with entrepreneurs and developers,” Sane Lebrun, Ignite’s chief growth officer, said.
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