Blockchain startup accelerator Cronos Labs has announced the launch of its second batch of the Cronos Accelerator Program. The programme, backed by a major investment of $100 million, aims to support early-stage crypto projects by providing mentoring and funding opportunities.
According to an announcement sent to Cointelegraph, Cronos Labs has selected eight projects to participate in their accelerator program. Each of the selected projects—Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI—has each received $30,000 in seed funding to begin the 12-week program.
Selected projects cover a variety of areas, including Web3 game development, decentralized social networking, pet-focused video sharing, smart contract wallet integration, Web3 gaming loyalty platforms, exchange aggregation for institutional trading, liquid markets for revenue-earning opportunities and an ecosystem. for the peer-to-peer economy of generative AI.
One of the main topics of this second group is the intersection of artificial intelligence (AI) and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to provide AI-related workshops and mentoring sessions to participating projects. In addition, selected projects will have access to AWS resources, including machine learning and artificial intelligence services. CertiK, Hacken, and Covalent are among the noteworthy additions as partners to this suite.
At the conclusion of the 12-week program, participating projects will be given a platform to pitch their concepts to investment partners at a demo day scheduled for late July 2023. This event will give participants the opportunity to secure additional seed funding and get support from investors such as NGC, Fundamental Labs, Spartan Group, and Delphi Digital.
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Crypto.com’s blockchain platform, Cronos, introduced a $100 million acceleration program in June to support early-stage decentralized finance and Web3 projects. The program has been backed by notable companies, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and DoraHacks.
Despite the long crypto winter, there has been a rise in blockchain accelerator programs focused on Web3 development. On May 22, the Open Network (TON), a layer 1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a $25 million fund to support projects within its ecosystem. The program will provide investments ranging from $50,000 to $250,000. for each project, along with valuable partnerships and guidance from the TON team.
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