The blockchain business accelerator Cronos Labs has formed an exclusive partnership with Protocol Labs. While Cronos Labs is in charge of the Cronos ecosystem’s growth, Protocol Labs is more of an open-source R&D facility. It involves developing protocols in addition to the tools and services that are necessary for the enhancement of the Internet.
In accordance with the terms of the agreement, Protocol Labs will supply entrepreneurs in the Cronos Accelerator Program with the tools they need to create Web3 applications as part of the Cronos ecosystem.
The Accelerator Program of Cronos Labs has been introduced to encourage AI and blockchain startups that are involved in decentralized finance as well as Web3 gaming and social apps and for the same purpose, recently, Cronos Labs partnered with Google Cloud too. However, the program provides selective startups with the required material, knowledge, and funds to initiate the creation of new-age Web3 applications and frameworks on the Cronos chain.
The idea is to strengthen and democratize the web. Protocol Labs is a globally distributed company of over 300 people working together to advance computing advances that help humanity.
Using this partnership as a foundation, Protocol Labs will be in charge of organizing workshops as well as providing technical support and consultation to Accelerator Program participants. They will be able to speed up the creation of blockchain applications with their assistance.
Head of Innovation Programs Charlotte Kapoor believes that the collaboration between Protocol Labs and Cronos Labs will be a step in fulfilling their goal of empowering startups within the ecosystem to be more productive, resulting in additional industry growth.
According to Protocol Labs’ Head of Builders, Ruben Amenyogbo, the collaboration with Cronos Labs would improve the acceptance of Web3 technologies. Along with GameFi, SocialFi, and Web3 framework initiatives, it will lead the effort to encourage blockchain businesses in verticals such as decentralized finance.
The Accelerator Program of Cronos Labs focuses on initial-phase Web3 teams involved in overlapping AI and blockchain. Another unit of the program, which is made up of eight startups, has come in for seed funding amounting to $30,000, along with the option of further funding to the tune of $300,000. This will be made available by Cronos Labs and its associates.
Cronos is the first EVM-adaptable Layer 1 blockchain network to be developed using the Cosmos Software Development Kit. It is supported by Crypto.com exchange, Crypto.org blockchain, and more than 500 application developers and associates.
Protocol Labs is a research and development laboratory that utilizes open-source software. The entity is employed in the production of the required tools and services for the improvement of the internet. Such initiatives as IPFS, Filecoin, and libp2p by Protocol Labs contribute to the development and democratization of the Web.