Cronos Labs launches $100M Web3 accelerator’s second cohort
The Cronos Labs, a blockchain startup accelerator, has announced the launch of its second cohort for the Cronos Accelerator Program. The program has received a substantial investment of $100 million and aims to support early-stage crypto projects by providing mentorship and funding opportunities.
Eight projects have been handpicked by Cronos Labs to participate in their accelerator program. Each of these projects has received upfront seed funding of $30,000 to commence a 12-week program. The chosen projects cover a diverse range of areas and include Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI.
This second cohort is focused on 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 to the participating projects. Additionally, the chosen projects will have access to AWS’ resources, including machine learning and AI services. CertiK, Hacken, and Covalent are among the noteworthy additions as partners for this cohort.
After the 12-week program, the 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 give participants the opportunity to secure additional seed funding and garner backing 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 supported by notable companies, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and DoraHacks.
Despite a long crypto winter, there has been a rise in blockchain accelerator programs focusing on Web3 development. On May 22, The Open Network (TON), a layer-1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a fund worth $25 million to support projects within its ecosystem. The program will provide investments ranging from $50,000 to $250,000 per project, along with valuable partnerships and mentorship from TON’s team.
