Cronos takes the initiative to offer investment opportunities for potential web3 start-ups from across the crypto ecosystem through the new accelerator program. The start-ups with a range of benefits, namely funding, mentorship, and marketing, during the 10-week program. There is a $100 million fund from Cronos Labs to offer up to $300,000 in financial support for the projects.
Cronos, one of the top 10 blockchain networks in the blockchain industry, has come in with an excellent for blockchain projects this week. The recently announced Cronos Accelerator Program from the exchange will help potential projects from seed and pre-seed levels to move on to their next step. This empowerment program will initially focus on DeFi, Web3, GameFi, NFTs, and Metaverse.
The program was launched in partnership with several esteemed organizations. Upon getting selected for the program, start-ups will be matched with suitable industry mentors. Cronos Labs will conduct weekly workshops where subject matter experts will give their insights and suggestions for start-ups on how to move onto the next level in terms of business, infrastructure, and other essential aspects like protocol building.
The top-end partners in the accelerator program include Mechanism Capital, Crypto.com Capital, Spartan Labs, OKX Blockdream Ventures, IOSG Ventures, AP Capital, Dorahacks, Altcoin Buzz, etc. Cronos is also working on bringing several other firms to the accelerator program.
The following are the benefits of joining this ambitious web3 initiative by the Cronos Network:-
- Start-ups can participate in seed rounds for investment opportunities from $100,000 to $300,000.
- They also stand a chance to receive additional grants toward expenditures like gas, nodes, and security.
- Investment and partnership exposure to reputed VC firms from around the world.
- Support from marketing channels like social media and ask-me-anything webinars to reach Cronos users.
- Business advice and inputs from Cronos and other partners from related industries.
- Vis-a-vis mentorship and consultation from industry-leading subject-matter experts.
- Exposure to the Cronos ecosystem, including the DeFi wallets, exchanges, dApps, and NFT marketplaces.
It has been noted that the 10-week program is designed to help address the hardships Cronos mainnet faced as a start-up during its launch in 2021. The $100 million funds will help accommodate up to 4 cohorts, each with 10 start-ups under them, every year.
Given this newly launched program, Vice President of Cronos Ecosystem Ella Qiang said that they want to give early-stage projects the support they need to help them expand faster on Cronos.
According to Cronos Managing Director Ken Timsit, the Cronos Accelerator Program is a symbiotic model that will help the ecosystem climb up to the top 5 in terms of Total Value Locked by the end of 2022. He further added that the ecosystem would support the start-ups from every front to realize this vision.
