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Cronos (CRO), the blockchain ecosystem built by cryptocurrency exchange Crypto.com, has launched a new development fund to further power the Web3 space.
According to a release published on June 7, Cronos has officially launched its own development fund, lasting 10 weeks with a total value of 100 million USD for the purpose of funding and providing developers More motivation to keep building.
Projects that are “green-lit” will have the opportunity to collaborate with many industry advisors with relevant experience. In addition, Cronos Labs will also organize weekly seminars. The focus will be on various topics, but most are related to building DeFi protocols.
We are excited to announce the launch of the Cronos Accelerator Program🚀
⏭ Accelerated growth for early-stage projects building on @cronos_chain
💪Supported by successful leaders & founders
💵$100M-backed war chest
— Cronos (@cronos_chain) June 7, 2022
Some of the prominent investment partners backing the idea include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks. At the same time, Cronos also plans to cooperate with more investment funds in the future. Providing further clarity on the program, Cronos CEO Ken Timsit said:
“Through the Cronos development fund, we want to enhance the potential of projects that really want to help grow the ecosystem by providing support in almost every area of their activity. In today’s tough market conditions, it’s more important than ever that we work to build in a positive way.”
As of press time, Cronos knit is in 7th place in the 10 largest blockchains by total lockout (TVL) with $1.28 billion. According to a statement from Ken Timsit, Cronos is aiming for the ambition to enter the top 5 by the end of 2022.
The event comes shortly after crypto exchange Crypto.com received temporary approval to offer crypto-related services in Dubai earlier this week, which has just issued a “breathable” regulatory framework for Cryptocurrencies aim to protect investors and design international standards for the market. Other well-known institutions in the industry such as Binance, FTX, Bybit and the Three Arrows Capital fund have also set foot in Dubai.
In general, although Crypto.com is always considered as one of the exchanges with the most “huge” value sports sponsorship deals on the market, it even became a sponsor for the 2022 World Cup in Qatar. However, since the exchange started renaming the CRO token to Cronos, “bad luck” has continuously struck.
For example, Crypto.com was hacked with a loss of more than 33 million USD in mid-January 2022. Not only that, the exchange also cut the CRO token reward, making users extremely angry, causing the CRO price to plunge more than 30% in just a few days.
Therefore, the new stimulus package will be a step to strengthen the position and solid confidence of users after the above troubles from Crypto.com, in order to “confront” the investment fund worth 500 million USD. of Binance Labs or the expansion of FTX, in the context of large crypto companies simultaneously cutting staff due to market changes that are in a negative state.
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