Cronos Labs is reopening its Cronos Accelerator Program, with $100 million in backing, to support early-stage crypto projects.
The program aims to nurture startups that are shaping the future of Web3, especially those developing practical use cases for dApps.
Cronos is an Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK. It focuses on making Web3 adoption easy and secure, particularly in DeFi, NFTs, and GameFi with a global community of 80 million users.
The chain uses the Cronos ($CRO) as its native token which is also the currency for paying transaction fees across its ecosystem.
It receives support from Cronos Labs, the start-up accelerator of Cronos chain, Crypto.com, Crypto.org and over 500 Web3 development platforms.
12-week duration
Details of the startup program indicate that it will have a duration of 12 weeks and will be a remote program that offers mentorship, master classes, marketing, financial support, and introductions to strategic partners.
According to Cronos, the program is aimed at projects that combine AI and crypto and the registration started on September 4, 2023, following the Korea Blockchain Week 2023.
“In particular, it is designed to attract projects utilizing AI to provide unparalleled speed and efficiency that will help take products to market,” Cronos said.
“Cronos Accelerator Program is also for teams developing decentralized infrastructure with the potential to democratize AI for broader accessibility and neutrality.”
Why the program is important
Ken Timsit, Managing Director at Cronos, noted the importance of supporting innovative ideas, stating that the Cronos Accelerator Program aims to nurture outstanding startups with the potential to reshape the interaction between AI and decentralized protocols.
Charlotte Kapoor, Head of Innovation Programs at Cronos, acknowledges the high quality and quantity of applicants in previous programs. She invites builders with original concepts and a drive to turn them into practical solutions to apply.
The program seeks novel proposals that address real problems while showcasing creative uses of AI, blockchain, and decentralized technology.
At the end of the program, all qualifying teams are expected to present a demo of their project which should lead to fund raising.
Part of the support for all winners will also come from Google Cloud, Amazon Web Services (AWS), PeckShield, and Certik.
Also, all successful teams will move on to the next stage in Q1 2024 where they will be mentored for three months for the final release of their project into the market.
