Cronos announced on June 7 that it is launching a $100 million accelerator programme to help developers start new blockchain applications.
Cronos, the Ethereum Virtual Machine-compatible network, announced the programme, which is focused on aiding projects seeking funding and mentorship in advanced DeFi, Web3 gaming, and infrastructure.
Accepted participants in the 10-week cohort-based programme will be paired with mentors within the ecosystem. Each year, three to four cohorts with an average of 10 businesses will be chosen. Members will have the chance to participate in weekly workshops on themes related to protocol development.
Cronos Accelerator’s primary partners for funding, mentorship, and seminars are Spartan Labs, IOSG Ventures, OK Blockchain Capital, and AP Capital.
Ken Timsit, Cronos managing director, stated:
“Cronos Accelerator aims to maximise the potential of projects that genuinely wish to contribute to the ecosystem’s growth by assisting them in nearly every aspect of their operations. Because the value proposition of an accelerator is all about iterating and fine-tuning a product idea in order to establish product market fit, a soft market climate can be an appealing moment to start a startup accelerator.”
Cronos Labs and other established venture capitalists will offer seed financing ranging from $100,000 to $300,000 to selected startups. They’ll get marketing help and access to Cronos’ user base through social media introductions and AMA webinars.
While early adopter token awards are less effective, Timsit told Blockworks that the present market dip is a wonderful moment for innovators to think harder about user problems.
The news comes less than two weeks after Crypto.com appointed Kwon Park, a former Bittrex official, as its new managing director to assist in promoting the company’s Web3 goals.
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