Blockchain startup accelerator Cronos Labs has announced the opening of applications for its second cohort of the $100 million-backed Cronos Accelerator Program.
The program, which begins on April 24, 2023, will run for 12 weeks and provide selected projects with $30,000 initial seed funding. In addition, participants will have the opportunity to obtain up to $300,000 in seed funding from Cronos Labs and receive mentorship, master classes, and support from industry experts. The program focuses on the decentralized finance (DeFi), GameFi, SocialFi, and Infrastructure verticals and will accept applications until March 24, 2023.
The selection of projects for the second cohort of the Accelerator Program will be based on several factors, including their market potential, the experience of the leadership team, compatibility with the market, and compatibility with the Cronos ecosystem. The primary focus of the program is to foster innovation and growth within the Cronos ecosystem in an effort to drive wider adoption of Web3.
Ken Timsit, director of Cronos Labs, said the success of the accelerator program’s inaugural cohort provided the rationale for launching a second cohort.
The second cohort of the Accelerator Program will be led by experienced Web3 professionals, who designed the program to offer a full range of benefits to help founders build their Web3 decentralized applications.
Related: Sandeep Nailwal-Backed Web3 Accelerator Launches Demo Day For First Cohort
In June 2022, Crypto.com’s Cronos launched its $100 million accelerator program for DeFi and Web3 projects, with the goal of supporting early-stage crypto projects with mentoring, funding, and growth opportunities.
Some of the companies supporting the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.
Crypto.com originally launched the Cronos blockchain in November 2021.
Blockchain accelerator programs with a focus on Web3 development have grown over the last year. As Cointelegraph reported, Web3 accelerator Beacon recently wrapped up its first cohort with the graduation of 15 companies. The second cohort plans to offer up to $8 million to 32 startups.
