Cronos Labs launches $100M Web3 accelerator for second cohort

Eight projects were selected to participate in the accelerator program

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

Cronos Labs carefully selected eight projects to participate in the accelerator program. These projects include Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI. Each of the chosen projects received upfront seed funding of $30,000 and will embark on a 12-week program.

The second cohort focuses on a diverse range of areas, such as Web3 game development, decentralized social networking, pet-focused video sharing, smart contract wallet integration, loyalty platforms for Web3 gaming, exchange aggregation for institutional trading, liquid marketplaces for yield-earning opportunities, and an ecosystem for the peer-to-peer economy of generative artificial intelligence.

This cohort highlights the intersection of artificial intelligence (AI) and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to offer AI-related workshops and mentorship sessions to the participating projects. The projects will also have access to AWS’ resources, including machine learning and AI services. Noteworthy partners for this cohort include CertiK, Hacken, and Covalent.

At the end of the 12-week program, the participating projects will present their concepts at a Demo Day scheduled for late July 2023. This event will provide an opportunity to secure additional seed funding and gain backing from investment partners like NGC, Fundamental Labs, Spartan Group, and Delphi Digital.

Cronos, the blockchain platform by Crypto.com, introduced the $100 million accelerator program in June to support early-stage decentralized finance and Web3 projects. Notable companies, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and DoraHacks, supported the program.

Despite a prolonged crypto winter, blockchain accelerator programs focusing on Web3 development have seen a rise. On May 22, The Open Network (TON) unveiled the “TON Accelerator Program,” a $25 million fund to support projects within its ecosystem. The program offers investments ranging from $50,000 to $250,000 per project, along with valuable partnerships and mentorship from TON’s team.

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