Cronos Launches $100M Accelerator for DeFi and Web3

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Created by the Crypto.com cryptocurrency exchange, the Cronos blockchain ecosystem has announced the launch of a program for the development of decentralized finance (DeFi), metaverses, and Web3.

The program is called Cronos Accelerator, and the budget will be $100 million.The initiative is focused on
Projects included in the shortlist of the program will be assigneda personal mentor who will help in development.

The program was supported by investors such as OK Blockchain Capital, Mechanism Capital, Dorahacks, AP Capital, Altcoin Buzz and others.According to Cronos CEO Ken Timsit, the company is now looking to provide startups with support for any operations.To do this, the company holds weekly seminars on various aspects of creating crypto projects.

Start-up companies can apply for investments ranging from $100,000 to $300,000  and the opportunity to win an additional grant.In addition, projects will be able to integrate into the Crypto.com system, including their crypto wallets, exchanges, and NFT platforms.

"We understand that although many projects are subject to high potential, they candon't have all the tools you need to stand out and build a sustainable ecosystem.Therefore, we want to find such projects and give them the opportunity to compete in the market with more mature companies," said the vice presidentCronos Ella Qiang.

Previously Crypto.com announced that it is hiring former Bittrex crypto exchange executive Kwon Park to develop its Web3 department. The park should help the company maintain business connections during a downturn in the cryptocurrency market.

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