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 initiatives by offering mentorship and funding alternatives. 

In accordance with an announcement despatched to Cointelegraph, Cronos Labs handpicked eight initiatives to take part of 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 improvement, decentralized social networking, pet-focused video sharing, good contract pockets integration, loyalty platforms for Web3 gaming, change aggregation for institutional buying and selling, liquid marketplaces for yield-earning alternatives and an ecosystem for the peer-to-peer economic 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 Providers (AWS) to supply AI-related workshops and mentorship periods to the taking part initiatives. Moreover, the chosen initiatives 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 initiatives 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 individuals the chance to safe extra seed funding and garner backing from traders akin to NGC, Basic Labs, Spartan Group and Delphi Digital.

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Cronos, the blockchain platform by, launched its $100 million accelerator program in June to help early-stage decentralized finance and Web3 initiatives. 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 an extended crypto winter, there was an increase in blockchain accelerator applications specializing in Web3 improvement. On Could 22, The Open Community (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 undertaking, together with worthwhile partnerships and mentorship from TON’s crew.

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