Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3

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Cronos, a blockchain ecosystem created by leading crypto exchange Crypto.com, announced the launch of an accelerator program for rapid progress in the decentralized finance (DeFi), Web3 and metaverse space.

Taking the initiative forward, the Cronos Accelerator Program is backed by $100 million to help crypto projects in the seed and pre-seed stages seek mentorship, funding, and development. As per the announcement, the shortlisted projects for the accelerator program will be matched with the relevant mentors.

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Some of the major investment partners backing the Cronos accelerator program include Mechanism Capital, Spartan Labs, IOGS Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and DoorHex. Cronos plans to include other partners in the future. Providing further clarity on the program, Ken Timsit, managing director of Cronos, said:

“In the current environment, it is more important than ever to keep your head down and start building aggressively.”

Timsit aims to enhance the efficiencies of projects by providing end-to-end support during project operations. As part of this initiative, Cronos Labs, the Web3 Startup Accelerator arm of Cronos, organizes weekly workshops that cover various aspects of building crypto projects.

Ambitious projects have the opportunity to purchase between $100,000-$300,000 seed investment in addition to the option of additional grant funding. In addition to mentorship and other marketing initiatives, the project will be able to integrate into Crypto.com’s ecosystem, which includes a DeFi wallet, crypto exchange, and non-fungible token marketplace.

related: Philippines to explore blockchain use cases, launch training program

The Department of Science and Technology (DOST) in the Philippines recently launched a training program for researchers to examine the feasibility of blockchain technology within the healthcare, financial aid and emergency aid industries.

Enrico Paringit, a DOST official, highlighted the department’s intention to “build non-cryptocurrency applications” as well as produce blockchain development experts to complement the government’s in-house initiatives.