dailyhodl.com
The native token of Crypto.com is soaring after unveiling a new partnership with Amazon Web Services.
In an announcement on LinkedIn, Amazon says that it is partnering up with Cronos to support Web3 start-ups, including decentralized finance (DeFi) and infrastructure.
“[Amazon Web Services] is working with Cronos Labs to support the Web3 startups scale and grow through the Cronos Accelerator Program to develop DeFi, GameFi, SocialFi, and Infrastructure applications.”
News of the collaboration sent Cronos (CRO), which is used to operate Crypto.com’s Cronos Chain, on a rally as it went from its 24-hour low of $0.0677 to a peak of $0.0772, a 14% gain. The token has since retraced and is trading for $0.0731 at time of writing.
According to Cronos, Amazon will be helping startups through the Cronos Accelerator Program, which is a three-month program designed to jumpstart new Web3-focused companies.
“Excited to be working with [Amazon] to support Web3 startups’ growth through the Cronos Accelerator Program. Let’s accelerate Web3 innovation together!”
The program provides an immediate $30,000 stipend, access to an investing network that features key names within the industry, and up to a $300,000 follow-up investment from Cronos Labs’ $100 million ecosystem fund, according to Cronos’ website.
Other companies that have used Cronos’ Accelerator Program in the past include gaming giant Ubisoft, and the venture capitalist branches of crypto exchange platforms Huobi and OKX.