On Tuesday, a public blockchain network announced that it was launching an accelerator program worth $100 million for supporting developers who want to undertake new blockchain projects. Backed by Crypto.com, Cronos said that its accelerator program aimed to help those who want to advance the Decentralized Finance (DeFi) space, along with Web3 infrastructure and gaming by providing them with mentorship, or any funds they need. The Cronos network is compatible with the Ethereum Virtual Machine (EVM) and it stated that the program is cohort-based and will have a duration of 10 weeks.

How the Program Works

According to Cronos, they will select three to four cohorts each year and the number of startups in each will be around 10. Those who participate in the program will have a chance to attend workshops on a weekly basis, which will cover a number of topics, including building protocols. It should be noted that Cronos has entered into a partnership with a number of prominent names for its accelerator program and they will assist in mentorship, investment as well as workshops.

Some of the names include AP Capital, OK Blockchain Capital, IOSG Ventures, Spartan Labs and Mechanism Capital. The managing director at Cronos, Ken Timsitsaid that they wanted to use their accelerator program for helping other projects achieve their potential. He said that their focus was to enhance projects that are truly committed to growing and innovating the DeFi and Web3 ecosystem and Cronos would offer assistance in nearly every area of operation.

Additional Features of the Program

The projects chosen for the Cronos Accelerator Program will also have the opportunity to get some seed investment from Cronos Labs and a number of other venture capitalist companies between $100,000 and $300,000. Moreover, they will also be provided with support in terms of marketing and will also be able to take advantage of the user base of the Cronos network. The introductions will be made through AMA webinars and also via social media networks.

According to Timsit, the current downturn in the crypto market is actually a good time for entrepreneurs to focus on the problems of their users. At this time, the token rewards for early adopters have become less effective, so it might be a good time to take a closer look. He stated that this is a great time for a startup that has a solid value proposition.

This announcement from Cronos comes just two weeks after Kwon Park, a former executive for Bittrex, was appointed as the new managing director at Crypto.com for heading its Web3 ambitions. The crypto market may be in dire straits right now, but some crypto companies are considering it to be an excellent time for shoring up business opportunities by making substantial investments. AcceleRari is an accelerator and grant program that was recently introduced by Rarible. Animoca Brands, the parent company of Sandbox, also introduced their Guild Accelerator Program worth $30 million back in February.