TL;DR Breakdown
- Cronos Labs has launched the second cohort of its accelerator program with a $100 million investment.
- The second cohort will focus on blockchain and AI projects.
Cronos Labs has recently announced the launch of its second cohort for its accelerator program. With a substantial $100 million investment, the program aims to support early-stage cryptocurrency projects by offering mentorship and funding opportunities.
Cronos Labs to invest $100 million in the program
The selected projects for this cohort were carefully handpicked by Cronos Labs. The eight chosen projects include Omnus, DeMe, Furrend, Solace, Sakaba, Eisen Finance, Earn Network, and CorgiAI. Each of these projects received an upfront seed funding of $30,000 and will undergo a 12-week program.
The projects cover a wide range of areas within the cryptocurrency space. These include Web3 game development, smart contract wallet integration, loyalty platforms for Web3 gaming, liquid marketplaces for yield-earning opportunities, and an ecosystem for the peer-to-peer economy of artificial intelligence.
The program will focus on AI and blockchain projects
The theme of this cohort is the bridging of AI and blockchain technology. Cronos Labs has partnered with Amazon Web Services (AWS) to provide AI-related workshops and mentorship sessions to the participating projects. The chosen projects will also have access to AWS resources, including machine learning and AI services. Noteworthy partners for this cohort include CertiK, Hacken, and Covalent.
After the 12-week program, the projects will have the opportunity to present their concepts to investment partners during a Demo Day scheduled for late July 2023. This event will provide participants with a platform to secure additional seed funding and gain support from investors such as NGC, Fundamental Labs, Spartan Group, and Delphi Digital.
Cronos, a platform by Crypto.com, introduced the $100 million accelerator program in June to support early-stage projects in the DeFi and Web3 sectors. The program received support from notable companies, including Mechanism Capital, IOSG Ventures, OK Blockchain Capital, AP Capital, and DoraHacks.
Despite the challenges faced by the crypto industry, there has been a rise in blockchain accelerator programs with a focus on Web3 development. Telegram’s Open Network (TON) recently unveiled the “TON Accelerator Program,” a $25 million fund to support projects within its ecosystem. The program offers investments ranging from $50,000 to $250,000 per project, along with valuable partnerships and mentorship.
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