Cronos Labs Reopens $100M Accelerator Program for ‘Early-Stage Crypto Projects’

Cronos Labs, a foremost Layer-1 Blockchain network and startup accelerator, has announced the third cohort of its accelerator program. With a $100M investment fund, the scheme caters to the needs of early-stage crypto projects, offering funding opportunities and mentorship.

While Cronos is committed to enhancing the adoption of decentralized applications (dApps), its acceleration scheme considers every project that has what it takes to shape the future of web3. Projects from all industry verticals can benefit from the scheme.

The 12 weeks remote program is already on

The Cronos Accelerator program is ideally a 12-week remote program. It can also feature as many as 8 startups at a time. The recruitment phase of the third cohort officially kicked off at the Korea Blockchain Week in Seoul on 4th September. Projects that can attract users and contribute to real-world usage of crypto are genuinely encouraged to apply.

To make every cohort count, Cronos Labs focuses on factors that guarantee success for selected startups. Each project receives top-notch mentorship, goal-oriented master classes, as well as marketing and financial support. In addition, they are introduced to strategic partners. The program ends with a demo day, which normally starts with discussions about fundraising.

Targeting the intersection between AI and Crypto

As the gap between Artificial Intelligence (AI) and cryptocurrency continues to narrow, Cronos Labs favors teams building at the intersection of the two verticals. It intends to attract and nurture projects that can leverage AI to enhance speed and efficiency, especially with regards to taking products to the market.

The Cronos Labs Acceleration Program is also designed to nurture teams that are building decentralized infrastructure – especially those that can potentially democratize AI, making it more accessible and neutral for all intended users.

Working with top-tier partners

Cronos Labs has partnered with industry leaders to boost the credibility of its accelerator program and get the right results. Some partners onboard currently include Amazon Web Services (AWS), Google Cloud, Certik, Covalent, Protocol Labs, Hacken, and PeckShield.

While the partners are involved in different capacities, AWS and Google Cloud will provide AI-related workshops and mentorships. As for funding, Cronos Labs has already secured the right investments.

Speaking about the coming event, Managing Director of Cronos, Ken Timsit, said:

“Good ideas need support if they’re to become reality. The Cronos Acceleration program will nurture outstanding ideas from outstanding startups whose innovations have the potential to radically reshape the way AI and decentralized protocols interact. We’re excited to see the concepts being developed by teams admitted to cohort three and about giving them the tools they need to succeed.”

Previous Successes

The previous editions of Cronos Acceleration Program were hugely successful. In the last cohort, over 350 projects applied, a 43% increase on the inaugural edition. The third cohort is expected to attract even more applications, as teams harnessing AI for blockchain solutions are growing.

It’s worthy to note, also, that previous participants in the program have gone on to enjoy meaningful successes. Many concepts have materialized into functional products, receiving serious private funding in the process. Earn Network, for instance, raised $2.7M to create a marketplace for liquid investments.

Wrapping Up

The application window for the third edition of Cronos Acceleration Program is already open. Teams have started sending in their applications and successful ones will be picked to participate in the high-value mentorship initiative when it kicks off in the first quarter of 2024. The three months acceleration program will provide the right teams with the resources, support, and funding they need to turn their concepts to reality. Hopefully, their successes will contribute positively to Cronos price growth and its ecosystem.