Blockchain Network Cronos Launches $100M Worth Startup Accelerator
2022.06.07 17:46
Blockchain Network Cronos Launches $100M Worth Startup Accelerator
- Cronos has launched a startup accelerator to support emerging blockchain companies.
- The initiative will be called Cronos Accelerator Program.
- Its roster of key partners will continue to grow in the later stages.
Cronos, a blockchain network on the Cosmos SDK, has launched a $100 million-funded startup accelerator to support emerging blockchain companies.
The initiative will be called Cronos Accelerator Program and will see pre-seed companies in need of capital, mentorship, and connections to investors and business partners benefitting from the program. The accelerator program will focus on advanced DeFi, web3 gaming and the metaverse, and infrastructure and tooling.
Ken Timsit, managing director of Cronos, said that the network aims to enhance the potential of projects that “sincerely want to help grow the [blockchain] ecosystem.” Timsit added that they will do this by supporting said projects “in almost every area of their operations.”
When talking about developers and networks “building aggressively,” Timsit said:
We are a top 10 blockchain [in] total value locked at the moment, and are on track to reach the top 5 by the end of 2022.
The Cronos Accelerator Program involves the startups being paired with reputable industry mentors and weekly workshops organized by Cronos Labs and other industry experts. It is a 10-week program with a $100 million “war chest,” wherein workshops will tackle topics related to protocol building.
Projects can get $100,000 up to $300,000 in seed investment, and additional grant funding for security audits, node services, and gas feed will be shared. Projects accepted in the program will also earn investment opportunities from established venture capital firms and get marketing support from Cronos, among other perks.
Notably, the Cronos Accelerator Program features key partners who will be supporting the program through investments. This roster includes Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks. The team also revealed that the roster will continue to grow with more partners entering in the later stages.
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