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- Cronos Labs has started its third recruitment phase of a $100 million accelerator program to offer funding and mentorship to early-stage crypto projects.
- Cronos Labs has partnered with companies, including Amazon Web Services, Google Cloud, and blockchain security specialties CertiK and PeckShield as mentors.
Cronos Accelerator Program Offers Funding and Mentorship Opportunities
On Sept. 5, Cronos Labs, a blockchain developer, officially started searching for eight start-ups to participate in the third cohort of its accelerator program.
The scheme, backed by a $100 million investment, will support early-stage cryptocurrency projects by offering funding and mentorship opportunities.
In its announcement, Cronos Labs clarifies that the accelerator’s primary goal is nurturing crypto start-ups that have the potential to shape the future of Web3.
Moreover, the blockchain developer will work with projects that focus on creating practical use cases.
Such projects should catalyze the adoption of decentralized applications (DApps) to attract genuine people, not bots.
“The number and quality of applicants to pervious iterations of the accelerator was “overwhelming”. It’s going to be tough to create a final shortlist. We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology”.
Charlotte Kapoor, the head of innovation programs at Cronos Labs, said.
Program’s Theme: Crypto and AI Integration
Interestingly, the recruitment phase started on Sept. 4, coinciding with the start of Korea Blockchain Week, which will run until Sept. 10.
The theme for the third accelerator program will focus on artificial intelligence and crypto.
It is designed to attract projects using AI to offer unparalleled efficiency and speed to take products to the market quickly.
With a growing interest centered around AI, Blockchain developers are attempting to invest in artificial intelligence following the mainstream success of ChatGPT.
Venture capitalists are also eyeing AI, making crypto and AI integration a vital tool for courting investing funds.
Cronos Labs has various companies as mentors and partners of the accelerator program.
Demo Day Will Commence Discussions on Funding
The eight start-ups selected will participate in a 12-week remote program. They focus on marketing and financial support, mentorship, master classes, and introduction to strategic partners.
Subsequently, at the end of the program, participating projects will have the opportunity to present a demo day.
Furthermore, the event will allow participants to secure additional investment funding and garner backing from investors.
On a different note, funding support for Web3 technology is gaining momentum.
On Aug. 7, the Singapore Monetary Authority committed $112 million to supporting various technological solutions like the Web3.
The program will nurture innovation by supporting projects that use technology.
The question remains whether the accelerator program will continue to build strong momentum for Cronos Labs’ ecosystem.