Cronos Labs Initiates Recruitment for $100 Million Accelerator Program

Cronos Labs, a Web3 startup accelerator, has officially launched its third cohort of the accelerator program, backed by a substantial $100 million investment designed to bolster early-stage crypto projects.

Accelerating Web3 Innovation:

Cronos Labs' accelerator program is dedicated to fostering and supporting early-stage projects in the crypto space. It aims to identify startups with the potential to significantly influence the future of Web3.

Emphasis on Real-World Utility: The program is particularly interested in projects that focus on creating practical use cases for decentralized applications (DApps) capable of attracting genuine users rather than automated bots.

Recruitment and Program Details:

The recruitment phase for this cohort commenced on September 4th, coinciding with the launch of Korea Blockchain Week (which runs until September 10th).

Eight startups will be selected to participate in a 12-week remote program. During this period, they will receive valuable mentorship, master classes, marketing and financial support, and introductions to strategic partners.

The culmination of the program will be marked by a demo day, where discussions on fundraising opportunities will kick off.

Charlotte Kapoor's Insights:

Charlotte Kapoor, Head of Innovation Programs at Cronos, expressed that the response from previous iterations of the accelerator was "overwhelming." The selection process is expected to be challenging due to the high number and quality of applicants.

Kapoor emphasized that they are seeking novel proposals that not only address real-world problems but also demonstrate ingenious applications of AI, blockchain, and decentralized technology.

Mentorship and Partnerships: 

Cronos Labs has enlisted the expertise of various companies to serve as mentors and partners in this accelerator program. Notable participants include Google Cloud, Amazon Web Services (AWS), and blockchain security firms CertiK and PeckShield.

Wider Trends in Web3 Funding:

This initiative reflects the growing momentum in funding support for Web3 technology. Recently, the Monetary Authority of Singapore (MAS) committed $112 million to back various fintech solutions, including Web3. Such efforts aim to encourage innovation and support projects utilizing cutting-edge technologies.

Cronos Labs' accelerator program stands as an important driver of innovation in the Web3 ecosystem, fostering the growth of promising crypto startups.