Blockchain startup accelerator Cronos Labs has announced the launch of its second cohort for the Cronos Accelerator Program. The program, backed by a substantial $100 million investment, aims to support early-stage crypto projects by providing mentoring and funding opportunities.
According to an announcement sent by Cointelegraph, Cronos Labs has selected eight projects to participate in its accelerator program. Each of the selected projects – namely Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network and CorgiAI – received an initial seed funding of $30,000 to start the 12-week program.
The selected projects cover various areas, including Web3 game development, decentralized social networking, pet-focused video sharing, smart contract wallet integration, loyalty platforms for Web3 gaming, exchange aggregation for institutional trading, liquid marketplaces for yield-earning opportunities and an ecosystem for the peer-to-peer economy of generative artificial intelligence.
One of the key themes of this second group 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 coaching sessions to project participants. In addition, selected projects have access to AWS resources, including machine learning and AI services. CertiK, Hacken and Covalent are among the key additions as partners for this cohort.
At the end 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. This event will provide the participants have the opportunity to get additional seed funding and get support from investors such as NGC, Fundamental Labs, Spartan Group and Delphi Digital.
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Cronos, Crypto.com’s blockchain platform, introduced its $100 million accelerator program in June to support early-stage decentralized finance and Web3 projects. The program is supported by well-known 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 an increase in blockchain accelerator programs focusing on Web3 development. On May 22, Open Network (TON), a layer-1 blockchain created by Telegram, unveiled the “TON Accelerator Program,” a fund worth $25 million to support projects within its ecosystem. The program will provide investments from $50,000 to $250,000 per project, along with valuable partnership and mentoring from the TON team.
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