Cronos, a blockchain network based on the Cosmos SDK, has announced a $100 million startup accelerator to help new blockchain businesses get off the ground.
Cronos Accelerator Program will be the name of the effort, and it will help pre-seed startups in need of financing, mentorship, and connections to investors and business partners. Advanced DeFi, web3 gaming, and the metaverse, as well as infrastructure and tooling, will emphasize the accelerator program.
Cronos’ managing director, Ken Timsit, stated that the network strives to maximize the potential of projects that wish to contribute to the blockchain ecosystem’s growth. Timsit went on to say that they’ll do so by supporting the initiatives in practically every aspect of their business.
Cronos Labs and other industry professionals arrange weekly seminars for the entrepreneurs as part of the Cronos Accelerator Program, which pairs them with recognized industry mentors. It’s a ten-week initiative with a $100 million “war chest” in which courses will cover protocol-related issues.
Projects can get seed financing ranging from $100,000 to $300,000 and extra grant cash for security assessments, node services, and gas supply. Projects selected for the program will be eligible for funding from known venture capital companies and marketing assistance from Cronos, among other benefits.
The Cronos Accelerator Program, in particular, has major partners who will invest in the program. The investors are mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks. According to the organization, the roster will continue to grow, with more partners joining in the latter phases.