Cronos Labs to accept second cohort for $100M-backed Web3 accelerator program
Blockchain startup accelerator Cronos Labs has announced the opening of applications for its second cohort of the $100 million-backed Cronos Accelerator Program.
The program, which begins on April 24, 2023, will last for 12 weeks and provide selected projects with upfront seed funding of $30,000. In addition, participants will have the opportunity to secure up to $300,000 in seed funding from Cronos Labs and receive mentoring, masterclasses and support from industry experts. The program is focused on the decentralized finance (DeFi), GameFi, SocialFi, and Infrastructure verticals and will accept applications until March 24, 2023.
The selection of projects for the second cohort of the Accelerator Program will be based on various factors, including their market potential, the leadership team's expertise, market compatibility and compatibility with the Cronos ecosystem. The main focus of the program is to encourage innovation and growth within the Cronos ecosystem in an effort to drive the broader adoption of Web3.
Ken Timsit, head of Cronos Labs, said the success of the accelerator program's inaugural cohort provided the rationale for launching a second cohort.
The second cohort of the Accelerator Program will be guided by experienced Web3 professionals, who have designed the program to offer a full range of benefits to support founders in developing their Web3 decentralized applications.
Related: Sandeep Nailwal-backed Web3 accelerator launches demo day for first cohort
In June 2022, Crypto.com's Cronos launched its $100M accelerator program for DeFi and Web3 projects, with the goal of supporting early-stage crypto projects with mentorship, funding and growth opportunities.
Some of the companies supporting the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.
Crypto.com originally launched the Cronos blockchain in November 2021.
Blockchain accelerator programs with a focus on Web3 development have grown over the past year. As reported by Cointelegraph, Web3 accelerator Beacon recently wrapped up its first cohort with 15 companies graduating. The second cohort plans to offer up to $8 million to 32 startups.