Cronos Labs Launches Second Cohort of $100M Web3 Accelerator

Blockchain startup accelerator Cronos Labs has announced the launch of its second cohort for the Cronos Accelerator Program. Backed by a substantial $100 million investment, the program aims to support early-stage crypto projects by providing mentorship and funding opportunities.

According to an announcement sent to Cointelegraph, Cronos Labs selected eight projects to participate in its accelerator program. Each of the selected projects – namely Omnus, DME, Furrand, Solace, Sakaba, Eisen Finance, Earn Network and CorgiaE – received up-front seed funding of $30,000 to begin the 12-week program.

The selected projects cover diverse areas including web3 game development, decentralized social networking, pet-centric video sharing, smart contract wallet integration, loyalty platform for web3 gaming, exchange aggregation for institutional trading, liquid marketplace for yield-earning opportunities, and more. has been included. An ecosystem for the peer-to-peer economy of generative artificial intelligence.

One of the key themes of this second cohort is the intersection of artificial intelligence (AI) and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to offer AI-related workshops and mentorship sessions for participating projects. Additionally, selected projects will have access to AWS resources, including machine learning and AI services. CertiK, Hacken and Covalent are among the notable additions to this cohort as partners.

At the conclusion of the 12-week program, participating projects will be given a platform to present their concepts to investment partners at a Demo Day scheduled for late July 2023. The event will provide an opportunity for participants to secure additional seed funding and gain support. from investors such as NGC, Fundamental Labs, Spartan Group and Delphi Digital.

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Cronos, the blockchain platform by Crypto.com, introduced its $100 million accelerator program in June to support early-stage decentralized finance and Web3 projects. The program was backed by notable firms including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and DorHax.

Despite the long crypto winter, there has been a rise in blockchain accelerator programs focused on Web 3 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. per project with valuable participation and advice from TON’s team.

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