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Cronos Labs, the Web3 startup accelerator platform, has launched the third phase of its program aimed at supporting early-stage projects by providing funding opportunities and mentorship. The program is backed by a $100 million investment to support crypto ventures.
Web3 Solutions that Attract Users
Cronos Labs emphasizes that its platform aims to nurture ventures with the potential to shape the future of Web3. Additionally, Cronos is looking for projects that focus on creating practical use cases that can attract real users, rather than bots, and promote the adoption of decentralized applications (DApps).
The program’s recruitment phase started on September 4th and coincides with the beginning of the Korea Blockchain Week, which will last until September 10th. Eight startups will be selected to participate in a 12-week remote program, which includes mentoring, expert classes, marketing and financial support, and meeting strategic partners. The program will conclude with a demo day event to kickstart the resource generation program.
Seeking Problem-solving Projects
Charlotte Kapoor, the head of innovation programs at Cronos, stated that the number and quality of applicants for the accelerator platform’s previous iterations have been high, making it challenging to create a final shortlist. Kapoor added the following statement:
“We are looking for new proposals that showcase ingenious uses for artificial intelligence, blockchain, and decentralized technologies while solving real-world problems.”
Cronos has appointed various companies as mentors and partners for the program. These include Google Cloud, Amazon Web Services, and blockchain security firms CertiK and PeckShield. Additionally, companies like Protocol Labs, Hacken, and Covalent are also participating in the accelerator program. Meanwhile, funding support for Web3 technologies is gradually gaining momentum. The Monetary Authority of Singapore, the country’s central bank, pledged $112 million on August 7th to support various financial technology solutions like Web3. The program will encourage innovation in this field by supporting projects that utilize the latest technology.