Overview
Cronos Labs, a leading Web3 startup accelerator, has announced the beginning of the recruitment phase for its third cohort of early-stage projects. With $100 million in investment backing, the program aims to provide funding opportunities, mentorship, and support for crypto startups. The initiative seeks to nurture startups that have the potential to shape the future of Web3 and create practical use cases for decentralized applications (DApps).
Recruitment Phase
The recruitment phase for Cronos Labs' accelerator program began on September 4, coinciding with the start of the Korea Blockchain Week. The program plans to select eight startups for a 12-week remote program, offering mentorship, master classes, marketing and financial support, and introductions to strategic partners. At the end of the program, a demo day will initiate discussions on fundraising.
What Cronos Labs Is Looking For
Cronos Labs is specifically seeking projects that focus on solving real-world problems while demonstrating innovative uses for AI, blockchain, and decentralized technology. The goal is to attract genuine users of decentralized applications rather than bots. With the level of interest and quality of previous applicants, finalizing the shortlist of startups is expected to be challenging, according to Charlotte Kapoor, the head of innovation programs at Cronos.
Strategic Partners and Mentors
Cronos Labs has enlisted the support of various companies in the industry to become mentors and partners in the accelerator program. These include Google Cloud, Amazon Web Services (AWS), and blockchain security firms CertiK and PeckShield.
Funding Support for Web3 Technology
The launch of the Cronos Labs accelerator program comes at a time when funding support for Web3 technology is gaining momentum. The Monetary Authority of Singapore (MAS), the country's central bank, recently committed $112 million to support innovative financial technology solutions like Web3. This funding aims to foster innovation and support projects that use cutting-edge technologies.
