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 initiatives by offering mentorship and funding alternatives.
Based on an announcement despatched to Cointelegraph, Cronos Labs handpicked eight initiatives to participate in their accelerator program. Every of the chosen initiatives — 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 initiatives cowl a various vary of areas, together with Web3 sport growth, decentralized social networking, pet-focused video sharing, sensible 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 expertise. Cronos Labs has partnered with Amazon Internet Companies (AWS) to supply AI-related workshops and mentorship periods to the collaborating initiatives. Moreover, the chosen initiatives can have entry to AWS’ sources, together with machine studying and AI companies. CertiK, Hacken and Covalent are among the many noteworthy additions as companions for this cohort.
On the conclusion of the 12-week program, the collaborating initiatives can 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 traders equivalent 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 initiatives. This system was supported by notable firms, 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 growth. On Might 22, The Open Network (TON), a layer-1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a fund value $25 million to help initiatives 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 staff.
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