Cronos Labs Unleashes $100 Million Lifeline for Web3 Start-ups: A Game Changer in Cryptocurrency Realm

  • Cronos Labs, a Web3 acceleration platform, has launched the third phase of its program aimed at supporting early-stage projects with funding opportunities and mentorship.
  • The focus of Cronos Labs is on projects that can shape the future of Web3 technology, prioritizing solutions that will attract real users to decentralized applications (DApps).
  • The recruitment phase of the program has begun, with eight startups set to participate in a 12-week program that encourages innovation in the Web3 space through opportunities such as mentorship, financial support, and networking with strategic partners.

Cronos Labs, a Web3 startup acceleration platform, has initiated the third phase of its program. The program, backed by a $100 million investment, aims to support early-stage projects with funding and mentorship opportunities.

Web3 Solutions That Attract Users

Cronos Labs emphasizes that the goal of its platform is to nurture startups that have the potential to “shape the future of Web3.” The company is particularly interested in projects that focus on creating practical use cases that will foster the adoption of decentralized applications (DApps) by real users, rather than bots.

The recruitment phase of the program kicked off on September 4, coinciding with the start of the Korea Blockchain Week, which will run until September 10. Cronos Labs will select eight startups to participate in a 12-week remote program that includes mentorship, masterclasses, marketing and financial support, and networking with strategic partners. The program will culminate in a demo day event where a resource generation program will be launched.

Seeking Projects That Solve Problems

Charlotte Kapoor, head of innovation programs at Cronos, noted that the number and quality of applicants to the accelerator platform’s previous iterations were high, making the creation of a final shortlist challenging. Kapoor added that they are looking for new proposals that solve real problems while showcasing ingenious uses for artificial intelligence, blockchain, and decentralized technology.

Cronos has appointed various companies to serve as mentors and partners in the program. These include Google Cloud, Amazon Web Services, and blockchain security firms CertiK and PeckShield. Other companies involved in the accelerator program include Protocol Labs, Hacken, and Covalent. Meanwhile, financial support for Web3 technology is gradually gaining momentum. The Monetary Authority of Singapore, the country’s central bank, pledged $112 million on August 7 to support various financial technology solutions, including Web3. The program will encourage innovation in this field by supporting projects that utilize the latest technology.

Conclusion

The launch of the third phase of Cronos Labs’ program signifies a growing interest and investment in the Web3 space. By focusing on projects that solve real problems and attract actual users, the platform is playing a crucial role in shaping the future of Web3 technology. The involvement of major companies as mentors and partners further underscores the significance and potential of this initiative.

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