Blockchain startup accelerator Cronos Labs has announced the launch of its second cohort for the Cronos Accelerator Program. The program, backed by a substantial investment of $100 million, aims to support early-stage crypto projects by providing mentorship and funding opportunities.
According to an announcement sent to Cointelegraph, Cronos Labs selected eight projects to participate in its accelerator program. Each of the selected projects, namely Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI, received initial seed funding of $30,000 to begin a 12-week program.
The chosen projects cover a wide range of areas, including Web3 game development, decentralized social networking, pet-focused video sharing, smart contract wallet integration, loyalty platforms for Web3 games, exchange aggregation for institutional trading, marketplaces liquids for performance gain opportunities and an ecosystem for the peer-to-peer economy of generative artificial intelligence.
One of the key themes of this second cohort is the intersection of artificial intelligence (AI) and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to offer AI-related workshops and mentoring sessions to participating projects. In addition, the chosen projects will have access to AWS resources, including artificial intelligence and machine learning services. CertiK, Hacken, and Covalent are among the notable additions as partners in this cohort.
At the end of the 12-week program, participating projects will receive a platform to present their concepts to investing partners at a Demo Day scheduled for the end of July 2023. This event will provide participants with the opportunity to secure additional seed funding and gain endorsement. . from investors including NGC, Fundamental Labs, Spartan Group and Delphi Digital.
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Cronos, Crypto.com's blockchain platform, presented its $100 million accelerator program in June to support early-stage Web3 and decentralized finance projects. The program was supported by notable companies including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and DoraHacks.
Despite a long crypto winter, there has been a rise in blockchain accelerator programs that focus on Web3 development. On May 22, The Open Network (TON), a Layer 1 blockchain developed by Telegram, unveiled the "TON Accelerator Program," a $25 million fund to support projects within its ecosystem. The program will provide investments ranging from $50,000 to $250,000 per project, along with valuable partnerships and mentorship from the TON team.
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