Cronos Establishes a $100 Million Accelerator Program to Support DeFi and Web3 Projects
Successful applicants will be paired with eco-system mentors for the 10-week programme. After less than two weeks, Crypto.com hired Kwon Park, a former Bittrex executive, as the company’s new managing director.
As part of its $100 million accelerator programme, a public blockchain network funded by Crypto.com announced its opening on Tuesday.
Projects that need financing and mentoring in the advanced DeFi, Web3 gaming, and infrastructure sector can benefit from Cronos’ programme, which is compatible with the Ethereum Virtual Machine.
All participants will be allocated mentors from inside the ecosystem for a 10-week programme. Each year, between three and four batches of 10 businesses each will be chosen. Members will have the chance to participate in weekly seminars on protocol-related issues.
AP Capital, OK Blockchain Capital, Spartan Labs, and IOSG Ventures are among the primary partners with whom the Cronos Accelerator has partnered to provide funding, mentoring, and training for the Cronos community.
Cronos managing director Ken Timsit said in a statement: “Through Cronos Accelerator, we seek to boost the potential of initiatives that really want to help expand the ecosystem by giving assistance in nearly every element of their operations.”
Cronos Labs and other well-known venture investors will also provide initial investments of up to $300,000 to selected startups. AMA webinars and introductions on social media will help them get access to Cronos’ user base as well as marketing assistance.
Blockworks’ Timsit said that during a market slump, creators should focus more on user concerns and less on early adopter token awards.
To achieve product-market fit, the value proposition of an accelerator is to iterate and fine-tune a product concept until it is perfect, according to him.
Two weeks ago, Crypto.com announced that Kwon Park, a former Bittrex executive, will serve as its new managing director to assist propel its Web3 goals.
The current market drop hasn’t deterred a number of crypto entrepreneurs from making large investments in their businesses.
AcceleRari is Rarible’s new accelerator and grant programme. Rarible’s protocol team will assist five non-fungible tokens (NFT) ideas via a pitching process. Guild Accelerator Program was introduced in February by Animoca Brands, the parent company of The Sandbox.