The Web3 startup accelerator that focuses on Decentralized Finance (DeFi) and blockchain games – Cronos Labs – said the recruitment phase of the Cronos Accelerator Program started on September 4. The entity has previously teamed up with numerous companies, including Google Cloud, Amazon Web Services (AWS), and PeckShield, to support the scheme’s launch.
The price of the native token of the ecosystem – CRO – briefly spiked by around 5% after news broke out before quickly falling to the valuation registered throughout the last few days.
Anticipating a High Demand for the Third Cohort
According to a document seen by CryptoPotato, the blockchain startup launched its third cohort for the Cronos Accelerator Program. The scheme aims to aid early-stage cryptocurrency projects by providing mentorship, marketing and financial support, master classes, and introduction to strategic partners.
More specifically, the Cronos Accelerator Program is a 12-week remote initiative that runs with up to eight startups at a time. It is backed by investments worth $100 million, while Cronos Labs inked several high-end deals with Google Cloud, Amazon Web Services (AWS), Protocol Labs, PeckShield, and Certik to support its development.
Speaking on the launch of the recruitment phase was Ken Timsit (Managing Director at Cronos), who said the project 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,” he added.
Charlotte Kapoor – Head of Innovation Programs at Cronos – noted that the number of applicants willing to join the program during the previous two phases was “overwhelming.” In her view, “whittling the entrants for cohort three down to a final shortlist” will be a challenging task.
Cronos previously received over 350 applications for the second phase of its program and is expecting to witness a high demand during the current cohort, too.
“With the Cronos Accelerator Program poised to open to applicants, we extend an open invitation to builders with original concepts and the willingness to turn them into a working product. We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology,” Kapoor concluded.
The Birth of the Project
The Web3 startup backed by the industry leader Crypto.com – Cronos – introduced the program last summer to provide developers with additional stimulus to continue building.
“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,” explained at the time.