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Cronos, the blockchain network created by Crypto.com with an emphasis on decentralized finance (DeFi) and Web 3 gaming, said today that it is giving money and support to early-stage blockchain startups.
Developers are invited to apply for the Crypto.com-backed blockchain’s 10-week startup program, which includes the money and coaching for early-stage companies.
Vision of program
“We’re looking for things that are simple to understand, utilize, and unlock,” Timsit told CoinDesk.
According to Timsit, the startup program intends to develop businesses that appeal to crypto consumers.
“We aim to provide early-stage projects the assistance they need and help them develop faster on Cronos.”
Startup founders are not required to bring a fully fleshed-out concept to the program: Timsit said.
Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks are among the companies that have worked with the Cronos Accelerator to help participating startups with funding, mentorship, and workshops.
“We discovered that while many [projects] have a lot of promise, they might not have all of the tools they need to stand out and establish long-term tokenomics,” Qiang stated in a news statement.
Cronos has begun networking with possible program participants by holding hackathons, attending Web 3 industry events, and telling their network about the initiative.
Speaking with startup founders at numerous industry events, Ella Qiang, vice president of Cronos, said the company’s worries that many great firms lacked the means to execute their objectives and achieve sustainable development were validated.
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How much is the price?
Cronos Labs’ $100 million Ecosystem Finance will fund the Cronos Accelerator Program, which will invest $100,000 to $300,000 in early-stage enterprises and give extra grant financing for security assessments, node services, and gas fees.
The initiative will also match businesses with mentors and offer weekly seminars on protocol development issues.
Participating startups can also explore investment options with Cronos’ tech startups partners.
Cronos hopes to choose three or four cohorts every year, each with ten businesses, for the 10-week program, with the first cohort starting in July.
According to Cronos Managing Director Ken Timsit, participating ventures may expect to collect between $500,000 and $2 million in early funding from Cronos laboratories and third-party investors.