Cronos Labs and various VCs will make initial investments ranging from $100,000 to $300,000 in selected startups.
The first blockchain network that interoperates with both the Ethereum (ETH) and Cosmos ecosystem Cronos had announced that it would fire up a new $100 million program dubbed the Cronos Accelerator Program. The blockchain platform will concentrate on supporting various blockchain startups, including those that focus on DeFi, Web3, Metaverse, and other spaces.
The accelerator program is reportedly backed by well-known investment giants such as Spartan Labs, Mechanism Capital, OK Blockchain Capital, AP Capital, IOSG Ventures, Dorahacks, and Altcoin Buzz. On top of that, according to the official announcement, Cronos plans to assign every startup involved in the 10-week program their own mentor.
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Cronos Managing Director Ken Timsit stated that now is the time to begin actively growing the ecosystem by offering various projects end-to-end support throughout their activities. He added:
“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.”
Moreover, the program will supposedly offer between $100,000 and $300,000 for selected projects that are in the seed stage. In addition, Cronos Labs implies that the startups involved will have the opportunity to receive funding for node services and security audits.
The Cronos Accelerator Program projects will also be introduced to Crypto.com’s services, including cryptocurrency exchange, non-fungible token (NFT) marketplace, and decentralized finance (DeFi) wallet.
According to Timsit, the present market slump provides a perfect opportunity for innovators to consider the concerns users might have. He added:
"A soft market environment can be an attractive time to start a start-up 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.”
In other news, the Department of Science and Technology (DOST) launched a training program for qualified researchers in the DOST’s development institute to delve into blockchain's possible implementation.
