Cronos Network of Blockchains Announces the Launch of an Accelerator Program to Help DeFi and GameFi Startups
Developers are invited to apply for the Crypto.com-backed blockchain’s 10-week startup program, which includes money and mentorship for early-stage companies.
Cronos, a blockchain network made by Crypto.com that focuses on decentralised finance (DeFi) and Web 3 gaming, announced today that it will give money and help to blockchain startups in their early stages.
Cronos Labs’ $100 million Ecosystem Fund will fund the Cronos Accelerator Program, which will invest $100,000 to $300,000 in early-stage enterprises and provide additional grant financing for security assessments, node services, and gas fees. The initiative will also match businesses with mentors and offer weekly workshops on protocol development topics. Participating startups can also explore investment opportunities with Cronos’ venture capital partners.
Cronos hopes to choose three or four cohorts per year, each with ten businesses, for the 10-week program, with the first cohort starting in July.
Cronos Managing Director Ken Timsit says that early funding from Cronos labs and other investors could bring in between $500,000 and $2 million for participating ventures.
Timsit says that the goal of the startup programmes is to help grow businesses that crypto users will like.
“We’re looking for things that are simple to comprehend, utilize, and unlock,” Timsit told CoinDesk.
According to Timsit, startup founders are not required to come to the programme with a completely fleshed-out business plan.
“Not all projects are completely developed,” Timsit explained to CoinDesk.”It’s quite rare that the project, in the end, looks like the pitch deck at the application stage.” However, whether the creator and co-founders have a track record of problem-solving and product development will make a difference.
Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks are among the companies that have worked with the Cronos Accelerator to support participating startups with funding, mentorship, and workshops.
Cronos has begun networking with possible programme participants by holding hackathons, attending Web 3 industry events, and telling their network about the program.
Ella Qiang, vice president of Cronos, told startup founders at a number of industry events that the company’s fears that many great companies didn’t have the tools to reach their goals and grow in a sustainable way were true.
“We discovered that while many [projects] have a lot of potential, they might not have all of the tools they need to stand out and establish long-term tokenomics,” Qiang stated in a news release. “We aim to give early-stage projects the assistance they need and help them grow faster on Cronos.”