Several startups in the nascent Web3 space are leveraging accelerator programs as the crypto industry becomes increasingly bullish and experiences growing investor interest. Cryptocurrency accelerator programs are designed to help startups in the emerging crypto and Web3 spaces speed up the innovation and growth of crypto-based projects and help develop a diverse cryptocurrency ecosystem.
These programs offer Web3 and crypto startups guidance, mentorship, networking, funding, and access to partners and resources to further the goal of developing the crypto sector. They also provide emerging entrepreneurs and businesses with access to much-needed funding, partners, resources and knowledge from industry experts.
Joining accelerator programs also allows Web3 startups to access Binance Labs, Coinbase Ventures and ConsenSys Labs. Top industry players such as OpenSea and Coinbase trace their roots back to Y-Combinator in the United States.
In late March, Andreessen Horowitz, a Silicon Valley-based venture capital (VC) company, announced it would take 25 startups through its spring 2024 crypto startup accelerator. The program comprised a nearly three-month mentorship program that would arm the startups with the knowledge they need to survive and thrive in the crypto space. A list shared by operating partner Jason Rosenthal showed projects that include zero-knowledge passport authentication, decentralized food delivery and Farcaster infrastructure. The startups in Andreessen Horowitz’s accelerator programs will also receive a capital infusion of $500,000 from the VC in exchange for 7% of their equity.
Horowitz isn’t the only company with an accelerator program. Last November, Ava Labs and the Avalanche Foundation launched an accelerator, Codebase, and introduced the first batch of startups. Each of those startups will receive relevant guidance as well as an estimated $500,000 to $1,000,000 in funding from the program in exchange for equity.
Helika, a company that develops Web3 gaming infrastructure, has also partnered with Sfermion, Spartan Capital, Pantera Capital and a couple other venture capital firms to launch a Web3 gaming accelerator. Called Helika Accelerate, the program provides startups with up to $50 million in funding.
With the crypto bull market ramping up, the industry is seeing a notable increase in venture capital activity. Symbolic Capital principal Sam Lehman noted that “robust crypto accelerators” will be critical to creating a sense of community among Web3 startup founders. However, he also cautioned startups of accelerators that engage in potentially predatory practices to take up huge stakes in startups during their early stages. Lehman urged founders to consider whether the terms they accept from their accelerator of choice are worth the results they would achieve from taking part in the program.
Those startups going through accelerator programs will join the likes of Horizon Fintex in the field to deliver solutions that address the needs of customers in ways that only Web3 can.
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