Cronos Labs, a Web3 startup accelerator, has launched its third $100 million accelerator program cohort, which seeks to support startup cryptocurrency projects through funding opportunities and mentorship.
In a press release, Cronos Labs emphasized that the accelerator’s objective is to foster entrepreneurs with the potential to “shape the future of Web3.”
Moreover, Cronos seeks out initiatives that focus on developing real-world use cases to promote the adoption of decentralized applications (DApps) that can attract real users rather than algorithms.
The recruitment phase of the program began on September 4, coinciding with the beginning of the Korea Blockchain Week, which will last until September 10.
Cronos Labs will select eight startups to participate in a 12-week remote program consisting of mentorship, master courses, marketing and financial assistance, and introductions to strategic partners. A demonstration day will be held after the program to initiate discussions on fundraising.
Charlotte Kapoor, head of innovation programs at Cronos, said in a statement that the number and caliber of applicants to previous incarnations of the accelerator were “overwhelming” and that it would be challenging to create a final shortlist.
“We’re looking for creative ideas that solve real problems while demonstrating inventive applications of AI, blockchain, and decentralized technology,” Kapoor said.
Cronos recruited numerous businesses as mentors and program partners. These include Google Cloud, Amazon Web Services (AWS), and CertiK and PeckShield, two blockchain security companies.
In the meantime, funding support for Web3 technology has been gradually increasing. The Monetary Authority of Singapore (MAS), the country’s central bank, pledged $112 million on August 7 to support Web3 and other financial technology solutions.
The program will encourage innovation by funding initiatives that employ cutting-edge technology.