Cronos Labs, a Web3 startup accelerator, has launched the third cohort of its accelerator program, which seeks to support early-stage projects through funding opportunities and mentoring.

$100 million in funding is available to support the initiative’s support of cryptocurrency startup businesses. Cronos Labs stated in a press release that the accelerator’s objective is to foster entrepreneurs with the potential to“shape the future of Web3.

Moreover, Cronos seeks out initiatives that foon the development of real-world use cases to promote the adoption of decentralized applications (DApps) that can attract real users rather than algorithms.

The recruitment phase of the program began on September 4, coinciding with the beginning of Korea Blockchain Week, which will last until September 10.

Cronos Labs will select eight entrepreneurs to participate in a 12-week remote program that includes mentorship, master classes, marketing and financial assistance, and introductions to strategic partners.

A demonstration day will be held after the program to initiate discussions on fundraising. Charlotte Kapoor, head of innovation programs at Cronos, stated in a statement that the number and caliber of applicants to the accelerator’s previiterations were“overwhelming” and that it would be difficult to construct a final shortlist.

“We’re looking for novel proposals that solve real problems while demonstrating ingeniuses for AI, blockchain, and decentralized technology,” Kapoor added.

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Cronos recruited numerbusinesses as mentors and program partners. These include Google Cloud, Amazon Web Services, CertiK, and PeckShield, two blockchain security companies.

In addition, companies like Protocol Labs, Hacken, and Covalent participate in the accelerator program. In the meantime, funding support for Web3 technology has been gradually increasing.

The Monetary Authority of Singapore, the country’s central bank, pledged $112 million on August 7 to support Web3 and other financial technology solutions. The program will encourage innovation by funding initiatives that employ cutting-edge technologies.