Web3 startup accelerator Cronos Labs has launched the third cohort of its accelerator program which goals to assist early-stage tasks by offering funding alternatives and mentorship. The scheme is backed by $100 million in funding that can be used to assist crypto startups. 

In an announcement despatched to Cointelegraph, Cronos Labs highlighted that the accelerator’s objective is to nurture startups which have the potential to “form the way forward for Web3.” Moreover, Cronos is in search of tasks that concentrate on creating sensible use instances that may push the adoption of decentralized applications (DApps) that may appeal to real customers reasonably than bots.

This system’s recruitment part started on Sept. 4, coinciding with the beginning of the Korea Blockchain Week, which can run till Sept. 10. Cronos Labs will select eight startups that can take part in a 12-week distant program that can have mentorship, grasp lessons, advertising and marketing and monetary assist and introduction to strategic companions. On the finish of this system, there can be a demo day that can begin discussions on fundraising. 

In a press release, Charlotte Kapoor, the top of innovation packages at Cronos, mentioned that the quantity and high quality of candidates to earlier iterations of the accelerator was “overwhelming” and mentioned that it’s going to be robust to create a remaining shortlist. “We’re in search of novel proposals that remedy actual issues whereas demonstrating ingenious makes use of for AI, blockchain, and decentralized know-how,” Kapoor added.

Cronos tapped numerous firms to develop into mentors and companions in this system. These embody Google Cloud, Amazon Internet Companies (AWS) and blockchain safety companies CertiK and PeckShield.

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In the meantime, funding assist for Web3 know-how has been slowly gaining momentum. On Aug. 7, the Financial Authority of Singapore (MAS), the nation’s central financial institution, dedicated $112 million to support various financial technology solutions like Web3. The scheme will foster innovation by supporting tasks that use cutting-edge tech.

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