Cronos launches $100M-backed accelerator program to support DeFi, Web3 & Metaverse
Cronos is launching an accelerator program for early-stage companies that are looking for funding, mentorship, growth, amongst other support factors to kick start initial traction with Cronos chain.
The Cronos Accelerator Program aims to convert promising ideas into minimum viable products through an intensive 10-week course. Backed by Crypto.com’s powerful ecosystem, the initiative will prioritize candidates working across DeFi, Web3 gaming & metaverse, and infrastructure & tooling.
Startups can apply for up to $300,000 seed investment delivered from Cronos Labs on an equity basis or as a financial investment. On acceptance into the program, successful candidates will get additional grant funding for security audits, node services and gas fees. They will also have access to partnership and investment opportunities from established VC partners.
Apart from the benefits mentioned above, the program will also provide promising applicants with additional support covering market strategies, token economics, fundraising, and other financial strategies.
The Cronos Accelerator Program has secured backing from prominent investment partners like Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks. With $100 million allocated from the CRO ecosystem fund, it’s yet another sign that VCs are trying to connect with promising startups earlier than ever as competition for the best deals heats up.
Taking that a step further, Cronos will create a wide-ranging, personalized training curriculum through dozens of available sessions delivered by Cronos Labs and external subject matter experts. Cronos is also hosting weekly workshops and fireside chats with industry leaders, as well as one-on-one consultations with teams.
Speaking about the program, Ken Timsit – Managing Director at Cronos Labs – said: “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.”
Nearly 40 startups to benefit from accelerator program
Cronos VP Ella Qiang added: “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.”
During the 10 weeks, Cronos Labs and mentors will help founders polish their business and product strategies. They will also provide assistance around Cronos technical integration, market insights, community building, tokenomics design, smart contract security best practices, and fundraising tips.
Overall, there will be 3–4 cohorts per year, featuring an average of 10 start-ups per cohort.
Cronos functions as the smart contract-enabled chain that allows multiple blockchains to scale and interoperate with each other in a decentralized way. Its sister chain Crypto.org is focused primarily on the transaction and staking activity of the prominent exchange.
Cronos, which aims to be a destination chain for DeFi and Gamefi, acts as Crypto.com’s ntaive solution to provide DApp to its 10 million users and beyond, substantially growing the ecosystem.