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Cronos Labs Launches Second Cohort of $100M Web3 Accelerator

Published on

May 26, 2023
Read Time:2 Minute, 5 Second

Blockchain startup accelerator Cronos Labs has introduced the launch of its second cohort for the Cronos Accelerator program. This system, backed by a sizeable $100 million funding, goals to help early-stage crypto initiatives by offering mentoring and funding alternatives.

In accordance with an announcement despatched to Cointelegraph, Cronos Labs has chosen eight initiatives to take part in its accelerator program. Every of the chosen initiatives — specifically, Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Community, and CorgiAI — obtained $30,000 in upfront funding to launch a 12-week program.

The chosen initiatives cowl a variety of areas together with Web3 recreation improvement, decentralized social networking, pet video sharing, sensible contract pockets integration, Web3 gaming loyalty platforms, trade aggregation for institutional buying and selling, liquid marketplaces for income alternatives, and so on an ecosystem for the peer-to-peer economic system of generative synthetic intelligence.

One of many key matters of this second cohort is the interface between synthetic intelligence (AI) and blockchain know-how. Cronos Labs has partnered with Amazon Net Providers (AWS) to supply AI-related workshops and mentoring periods to taking part initiatives. As well as, the chosen initiatives can have entry to AWS assets, together with machine studying and AI providers. Notable additions to this cohort associate embrace CertiK, Hacken and Covalent.

On the conclusion of the 12-week program, taking part initiatives will likely be given a platform to current their ideas to funding companions at a demo day scheduled for late July 2023. This occasion presents attendees the chance to safe further seed funding and acquire help from traders resembling NGC, Basic Labs, Spartan Group and Delphi Digital.

Associated: Solana integrates AI into the blockchain and will increase the grant fund to $10 million

Cronos, Crypto.com's blockchain platform, launched its $100 million accelerator program in June to help early-stage decentralized finance and Web3 initiatives. This system has been backed by notable firms together with Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and DoraHacks.

Regardless of an extended crypto winter, there's a surge in blockchain accelerator packages targeted on Web3 improvement. On Might 22, The Open Community (TON), a Layer 1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a $25 million fund to help initiatives inside its ecosystem. This system will facilitate investments of between $50,000 and $250,000 per mission, together with precious partnerships and mentoring from the TON group.

Journal: How Ethereum’s ZK Rollups Can Change into Interoperable

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 26, 2023
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