Crypto.com has announced new partners of Cronos Accelerator: the program dedicated to supporting blockchain applications. In the meantime, the CRO crypto suffers a 6% price dump in the last 24 hours.
Crypto.com announces first Cronos Accelerator partners: how will the price of crypto CRO react?
Crypto.com’s platform, Cronos Accelerator, which is dedicated to supporting startup teams looking to build scalable blockchain applications, has announced new partners.
The #Cronos Accelerator program is here to help your Web3 project succeed with necessary tools & resources! 💪
We're proud to introduce our first batch of partners who will be working alongside selected teams to achieve new levels of growth and success 👇 pic.twitter.com/IDWmIuc9fk
— Cronos (@cronos_chain) February 16, 2023
In essence, the Bitquery, BlockSecTeam and RockX teams were announced. Bitquery offers essential products for analyzing, indexing and storing blockchain data in a unified way and provide insights via APIs and explorers.
BlockSecTeam, on the other hand, is a blockchain security startup that uses reliable and insightful tools and performs cutting-edge research.
And finally, RockX which is a leading staking platform in Asia with expertise in mining, staking and protocol research.
Crypto.com: What is the Cronos Accelerator program?
On the official Cronos Accelerator website, the program defines what kind of teams it is looking for. These are teams building in DeFi, GameFi, SocialFi, and Infrastructure that has the product as its core.
In addition to that, also being looked for are teams that innovate to fill a gap within the Cronos ecosystem and bring new use cases for the community by adding high value.
And finally, additional qualities of the team must be strong motivation and experience to build the best companies in the world.
Generally, to be selected, Cronos Accelerator requires to submit projects that are pre-seed and seed, or a working prototype or MVP which would be a plus.
For those selected as the 3 teams of Bitquery, BlockSecTeam, and RockX are offered the Cronos Accelerator Program 3 months apart, with support in key areas such as Technical, Tokenomis, Legal, Commercial, Marketing, and Fundraising. On top of that, an access to a network of top mentors and investors, with key names in the crypto and VC industry.
In addition, these teams will receive an immediate salary of $30,000 and future investments in projects of up to $300,000 from the ecosystem fund, which is $100 million from Cronos Labs and strategic partners such as Crypto.com Capital.
In return, the Cronos Accelerator program asks for 1.5% future supply of tokens and/or shares and an option to participate in future rounds at a discount.
The price of CRO
In the past 24 hours, Cronos (CRO) has undergone a 6% price dump, bringing it from $0.080 to $0.077.
A pre-pump price return on 15 February that had instead caused CRO to touch as low as $0.081 the following day.
Yet CRO has been one of the crypto assets that has been making headlines as early as late January 2023 about its trend, which, while choppy, has been bullish. And indeed, CRO’s price managed to touch $0.084 in early February.
Currently, CRO is in 35th position in the crypto rankings, with a total market cap just under $2 billion. Yet, at the end of January, Cronos’ position was 32nd, despite having a lower market capitalization than it does today.