As part of its ongoing ecosystem development efforts, Cronos has launched the $100 million Cronos Accelerator program. Cronos will now finance next-generation blockchain projects, a significant step forward for the company. To participate in the Cronos Accelerator Program, developers are given a $100,000 war chest for ten weeks to work on their projects.
The Cronos ecosystem is gaining traction in the blockchain realm at an impressive rate. The Cronos Accelerator Program will aid in the establishment of this ecosystem by bringing together developers and builders. The Accelerator announcement is a massive boon for blockchain startups at the seed-pre-seed stage. In the Cronos Accelerator Program, sophisticated DeFi, Web3 Gaming & Metaverse, and Infrastructure & Tooling are the main areas of concentration.
Projects selected into the Cronos Accelerator Program will be paired with industry mentors known for their expertise. Cronos Labs and other subject matter experts give weekly sessions as well. Various aspects of protocol construction will be addressed in these sessions. Top-tier partners in the Cronos Accelerator will provide funding, coaching, and seminars to help the Accelerator’s initiatives succeed. Partners include Mechanism Capital, Spartan Labs, IOSG, OK Blockchain, AP, and many more.
Ken Timsit, Managing Director – Cronos chain and Cronos Labs accelerator stated:
“Through Cronos Accelerator, we want to enhance the potential of projects that sincerely want to help grow the ecosystem by providing support in almost every area of their operations. In the current climate, it is more important than ever to put our heads down and start building aggressively. We are a top 10 blockchain via Total Value Locked at the moment, and are on track to reach the top 5 by the end of 2022.”
The following attributes describe the Cronos Accelerator Program:
- Cronos Labs offers seed investment options ranging from $100,000 to $300,000.
- An increase in grant money for security assessments, node services, and gas charges
- Opportunities to invest with established VCs
- Social media platforms, AMA webinars, and introductions to the rapidly expanding Cronos user community are provided for marketing assistance and access.
- Cronos Labs and industry mentors provide business advice.
- Mentorship and networking opportunities with industry luminaries are offered weekly.
- Fast-tracking with audit partners
- DeFi Wallet, Exchange, App, and NFT Marketplace inductions
According to Cronos VP Ella Qiang:
“After speaking with many projects in the industry, we realised that while many have high potential, they may not have all the tools they need to stand out and build sustainable tokenomics. We want to provide the necessary support for early stage projects and accelerate their growth on Cronos.”
The $100 million Cronos Labs Ecosystem Fund provides funding for the Cronos Accelerator Program. There will be an average of 10 startups in each of the three to four cohorts that will be held each year.