Cronos Creates $100M Accelerator Program To Support DeFi, Web3 Projects

Chosen developers will have access to seed investments between $100,000 and $300,000

article-image

Blockworks exclusive art by axel rangel

share

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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

After upping its offer multiple times, Circle is finally trading on the NYSE

article-image

Circle goes public on the NYSE Thursday — here’s what to expect

article-image

Sponsored

WalletConnect is the default for secure, scalable onchain interaction — but this isn’t a peak, it’s the launchpad

article-image

Circle’s stock is expected to price at $31 and will go public on the NYSE Thursday

article-image

Solana’s most prolific token-launch tool might be prepping a token of its own