Cronos ecosystem accelerator Cronos Labs has announced the third instalment of its flagship program with five projects participating. The Cronos Accelerator comes with $100M in backing and provides an opportunity for crypto startups to realize their novel ideas.
Since launching in 2022, the program has provided support to scores of early stage projects creating web3 products. Cronos Labs is focused on helping startups building on Cronos by providing them with the networking, mentorship, and funding they need to succeed.
Accelerator Applications Rack Up
Demand for the third cohort of the Cronos Accelerator Program has been strong. Cronos Labs reports a 57% increase in applications this time around. After much deliberation, the list was whittled down to five projects, each of whom will receive $30,000 in seed funding and will participate in the 12-week program that starts on January 22.
The projects that will participate in the 2024 Cronos Accelerator Program are LILLIUS, a gamified sports training solution that uses AI; Innerworks, which is using AI and ZK to create digital footprints; Reax, a decentralized protocol for synthetic assets; Securd, which is developing liquidity-backed lending; and Newwit, an AI-powered GameFi app that uses Predict-to-Earn.
The diversity of these projects provides a good indication of the use cases envisioned for Cronos, and the areas where Cronos Labs believes the greatest value can be created. These projects will also help to expand the tooling and applications available on Cronos, which should enhance its entire ecosystem.
Ultimately, the goal is to incubate projects that can not only enhance Cronos, but add utility to DeFi and blockchain in general. While not every startup will make it that far, the hope is that a few will succeed, particularly given current interest in AI. The convergence of artificial intelligence with blockchain, and the many opportunities this presents, are of particular interest to Cronos Labs.
As Head of Innovation Programs at Cronos Labs Charlotte Kapoor explains: “The third cohort of the Cronos Accelerator Program sits at the forefront of two of the most exciting technology trends of our times – generative AI and blockchain – and will accelerate their integration to deliver cutting-edge solutions.”
She adds: “Generative AI and blockchain will lead to transformative new applications, and the program will empower the chosen startups with the funding, resources, tools and connections needed to energize growth within the Cronos ecosystem.”
More Than Just a Program
The five projects participating in the accelerator program will spend the next 12 weeks bringing their initial concepts closer to a working reality. Along the way, they’ll be assisted by Cronos Labs in refining the skills required to successfully launch a blockchain project. This will include the guidance required to create and deploy a dapp on Cronos and to leverage its inherent strengths.
The mentorship available to these projects won’t end upon completion of the accelerator program, either: ongoing support will be available as their concepts develop. Access to more than 50 partners and 100 mentors within the Cronos ecosystem will be offered including workshops from Protocol Labs, GSR, Certik, and Hacken.