Web3 startup accelerator Cronos Labs has launched its third cohort of the accelerator program, which aims to support early-stage projects by providing funding opportunities and mentorship. The initiative is backed by a $100 million investment that will support crypto startups.
In an announcement sent to Cointelegraph, Cronos Labs emphasized that the accelerator’s goal is to nurture startups with the potential to “shape the future of Web3.” Additionally, Cronos is looking for projects focused on creating real-world use cases that can drive adoption of decentralized applications (DApps) that attract real users rather than bots.
Exciting news for blockchain developers! Cronos Labs is launching a $100 million accelerator program to support cutting-edge blockchain solutions. Join the program to get guidance, funding and resources for your projects. Apply now on the official Cronos Labs website! #blockchain pic.twitter.com/ZgS39IRg9C
— CryptoEmery (@CryptoEmery1) September 5, 2023
The recruiting phase for the program began on September 4, coinciding with the start of Korea Blockchain Week, which will run until September 10. Cronos Labs will select eight startups to participate in a 12-week remote program that will include mentoring, master classes, marketing and financial support, and strategic partner introductions. At the end of the program, there will be a Demo Day to start talking about fundraising.
Charlotte Kapoor, head of innovation programs at Cronos, said in a statement that the number and quality of applicants for previous iterations of the accelerator had been “overwhelming,” adding that creating a shortlist would be difficult. Kapoor added: “We are looking for novel proposals that solve real problems while demonstrating clever uses of artificial intelligence, blockchain and decentralized technologies.”
Cronos invites companies to become mentors and partners in the program. These include Google Cloud, Amazon Web Services (AWS), and blockchain security firms CertiK and PeckShield. In addition, companies such as Protocol Labs, Hacken, and Covalent also participated in the accelerator program.
related: Private Identity Verification Wins Binance Web3 Reality Show
Meanwhile, funding support for Web3 technologies has been slowly growing. On August 7, the central bank of Singapore (MAS) pledged US$112 million to support various fintech solutions, including Web3. The program will foster innovation by supporting projects using cutting-edge technology.
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