Cronos Chain’s Level 1 (L1) blockchain compatible virtual ether machine (EVM) has announced the launch of the Cronos Accelerator Program (Cronos Accelerator Program) for crypto start-ups wishing to become part of the Cronos ecosystem. A $100 million fund has been allocated for seed funding for project activities.
Cronos Chain head and Cronos Labs Accelerator curator Ken Timsit said:
“The aim of the project is to empower the ecosystem built on our blockchain. By engaging promising teams, we are ready to fully support the process. The downturn in market activity is the best time to actively build and evolve the architecture of the Web3 space.”
According to the company’s press release, Cronos Labs, supported by virtual asset trading platform Crypto.com, will select the most promising developers using Cronos blockchain as the foundation. Ideas for Decentralised Finance Platforms (DeFi), Game Metacities concepts as well as Open Source Applications (dApps) will be considered.
The programme description stated that participants would be provided with a training course as well as mentoring by industry experts for 10 weeks. After the successful completion of the Cronos Accelerator Program, the investment fund will distribute grants ranging from $100,000 to $300,000 to the most successful teams.
In addition, Cronos Labs has announced that it will hold weekly training seminars with the participation of leading speakers of the crypto sector. A special place in the discussions will be dedicated to the development of decentralized protocols.
Earlier, Crypto.ru reported that LongHash Ventures, Asia’s largest venture capital firm, in cooperation with Protocol Labs, has organized the third set of crypto-ids in its training and incentive program.