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Web3 startup accelerator Cronos Labs has initiated the third cohort of its accelerator program, designed to assist early-stage projects by offering funding opportunities and mentorship. This initiative is supported by an investment of $100 million aimed at aiding crypto startups.
In a statement shared with Cointelegraph, Cronos Labs emphasized that the accelerator’s objective is to cultivate startups that possess the potential to “shape the future of Web3.” Additionally, Cronos is seeking projects that concentrate on developing practical applications that can enhance the adoption of decentralized applications (DApps) capable of attracting real users instead of bots.
Exciting news for blockchain developers! Cronos Labs is launching a $100M accelerator program to support innovative blockchain solutions. Join the program to receive mentorship, funding, and resources for your project. Apply now on the official Cronos Labs website! #Blockchain pic.twitter.com/ZgS39IRg9C
— CryptoEmery (@CryptoEmery1) September 5, 2023
The recruitment phase for the program commenced on Sept. 4, coinciding with the onset of Korea Blockchain Week, which will continue until Sept. 10. Cronos Labs will select eight startups to participate in a 12-week remote program that will include mentorship, master classes, marketing and financial assistance, as well as introductions to strategic partners. A demo day will be held at the conclusion of the program to initiate discussions on fundraising.
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In a statement, Charlotte Kapoor, head of innovation programs at Cronos, remarked that the quantity and caliber of applicants in previous cohorts of the accelerator were “overwhelming” and that finalizing a shortlist will be challenging. “We’re looking for innovative proposals that address real issues while showcasing creative applications of AI, blockchain, and decentralized technology,” Kapoor added.
Cronos has engaged various companies to serve as mentors and partners in the program. These include Google Cloud, Amazon Web Services, and blockchain security firms CertiK and PeckShield. Additionally, companies such as Protocol Labs, Hacken, and Covalent are also participating in the accelerator program.
Related: Private ID verification wins Binance Web3 reality show
Meanwhile, funding for Web3 technology has been gradually gaining traction. On Aug. 7, the Monetary Authority of Singapore, the nation’s central bank, pledged $112 million to support various financial technology solutions, including Web3. This initiative aims to promote innovation by backing projects that utilize advanced technology.
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