Home CryptocurrencyAltcoin Cronos Labs Launches Second Cohort of $100 Million Web3 Accelerator

Cronos Labs Launches Second Cohort of $100 Million Web3 Accelerator

by SuperiorInvest

Blockchain accelerator Cronos Labs has announced the launch of its second cohort for the Cronos Accelerator Program. Backed by a substantial investment of $100 million, the program aims to support early-stage crypto projects by providing mentorship opportunities and funding opportunities.

According to an announcement sent to Cointelegraph, Cronos Labs handpicked eight projects participate in their acceleration program. The selected projects – namely Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network and CorgiAI – each received $30,000 in initial seed funding to launch the 12-week program.

The selected projects cover a diverse range of areas, including Web3 game development, decentralized social networks, pet-focused video sharing, smart contract wallet integration, loyalty platforms for Web3 games, exchange aggregation for institutional trading, liquid markets for earning opportunities, and an ecosystem for the peer-to-peer economy of generative artificial intelligence.

One of the key themes of this second cohort is the intersection of artificial intelligence (AI) and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to offer AI-related workshops and mentorships to participating projects. In addition, selected projects will have access to AWS resources, including machine learning and AI services. Notable additions to this cohort as partners include CertiK, Hacken and Covalent.

At the end of the 12-week program, participating projects will be given a platform to present their concepts to investment partners at a Demo Day scheduled for late July 2023. This event will give participants the opportunity to secure additional seed funding and gain support. from investors such as NGC, Fundamental Labs, Spartan Group and Delphi Digital.

Related: Solana Integrates AI into Blockchain, Raises Grant Fund to $10M

Cronos, Crypto.com’s blockchain platform, has unveiled its Acceleration program for 100 million dollars in June to support decentralized finance and early-stage Web3 projects. The program was backed by major companies, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and DoraHacks.

Despite the long crypto winter, there has been an increase in blockchain accelerator programs focused on Web3 development. 22nd of May The Open Network (TON), a layer 1 blockchain developed by Telegram, unveiled the “TON Accelerator Program,” a $25 million fund to support projects within its ecosystem. The program will provide investments ranging from $50,000 to $250,000 per project, along with valuable partnerships and mentorship from the TON team.

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