Cronos Labs to accept second cohort for $100M-backed Web3 accelerator program

Blockchain startup accelerator Cronos Labs has introduced the opening of functions for its second cohort of the $100 million-backed Cronos Accelerator Program. 

This system begins on April 24 and can final for 12 weeks, with chosen initiatives givupfront seed funding of $30,000. As well as, members can have the chance to safe as much as $300,000 in seed funding from Cronos Labs and obtain mentoring, masterclasses and help from business specialists. This system is targeted on the decentralized finance (DeFi), GameFi, SocialFi and Infrastructure verticals and can settle for functions till March 24.

The choice of initiatives for the second cohort of the Accelerator Program will likely be based on numerous elements, together with their market potential, the management crew’s experience, market compatibility and compatibility with the Cronos ecosystem. The primary focus of this system is to encourage innovation and progress throughout the Cronos ecosystem in an effort to drive the broader adoption of Web3.

Ken Timsit, head of Cronos Labs, mentioned the success of the accelerator program’s inaugural cohort supplied the rationale for launching a second cohort. 

The second cohort of the Accelerator Program will likely be guided by skilled Web3 professionals, who’ve designed this system to supply a full vary of advantages to help founders in creating their Web3 decentralized functions.

Associated: Sandeep Nailwal-backed Web3 accelerator launches demo day for first cohort

In June, Crypto.com’s Cronos launched its $100M accelerator program for DeFi and Web3 initiatives, with the aim of supporting early-stage crypto initiatives with mentorship, funding and progress alternatives. 

Among the firms supporting the Cronos Accelerator Program embrace Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.

Crypto.com initially launched the Cronos blockchain again in November 2021. 

Blockchain accelerator packages with a concentrate on Web3 growth have grown over the previous 12 months. As reported by Cointelegraph, Web3 accelerator Beacon not too long ago wrapped up its first cohort with 15 firms graduating. The second cohort plans to supply as much as $8 million to 32 startups.