Cronos Labs launches second cohort of $100M Web3 accelerator

Blockchain startup accelerator Cronos Labs has introduced the launch of its second cohort for the Cronos Accelerator Program. This system, backed by a considerable $100 million funding, goals to help early-stage crypto tasks by offering mentorship and funding alternatives. 

In accordance with an announcement despatched to Cointelegraph, Cronos Labs handpicked eight tasks to participate in their accelerator program. Every of the chosen tasks — specifically Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Community and CorgiAI — acquired upfront seed funding of $30,000 to begin a 12-week program.

The chosen tasks cowl a various vary of areas, together with Web3 sport improvement, decentralized social networking, pet-focused video sharing, good contract pockets integration, loyalty platforms for Web3 gaming, trade aggregation for institutional buying and selling, liquid marketplaces for yield-earning alternatives and an ecosystem for the peer-to-peer financial system of generative synthetic intelligence.

One of many key themes of this second cohort is the intersection of synthetic intelligence (AI) and blockchain know-how. Cronos Labs has partnered with Amazon Net Providers (AWS) to supply AI-related workshops and mentorship classes to the taking part tasks. Moreover, the chosen tasks could have entry to AWS’ assets, together with machine studying and AI providers. CertiK, Hacken and Covalent are among the many noteworthy additions as companions for this cohort.

On the conclusion of the 12-week program, the taking part tasks shall be given a platform to current their ideas to funding companions at a Demo Day scheduled for late July 2023. This occasion will give members the chance to safe further seed funding and garner backing from buyers akin to NGC, Elementary Labs, Spartan Group and Delphi Digital.

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Cronos, the blockchain platform by Crypto.com, launched its $100 million accelerator program in June to help early-stage decentralized finance and Web3 tasks. This system was supported by notable corporations, together with Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and DoraHacks.

Regardless of a protracted crypto winter, there was an increase in blockchain accelerator applications specializing in Web3 improvement. On Could 22, The Open Network (TON), a layer-1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a fund value $25 million to help tasks inside its ecosystem. This system will present investments starting from $50,000 to $250,000 per mission, together with useful partnerships and mentorship from TON’s crew.

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