Ignite (formerly Tendermint), the development team behind the popular blockchain project Cosmos, has taken another step to further its growth in the Web3 ecosystem.
The company announced Tuesday that it has formed a $150 million accelerator fund to invest in early-stage startups building their projects in the Cosmos ecosystem.
Joining the fund are some strategic partners, including Alameda Research, KuCoin Ventures, OKX, Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake, and Galileo.
Per the press release, the Ignite Accelerator will support up to 20 projects across two cohorts per year. In addition to funding, the early-stage startups will also gain “hands-on guidance in key areas like blockchain development, marketing, [public relations] and tokenomics.”
“We are proud to establish a key driver of strategic growth to the Web 3 ecosystem at large, alongside exceptional like-minded partners,” Sane Lebrun, chief growth officer of Ignite said in the announcement. He added:
“We have a strong track record in incubating ambitious blockchain projects so our accelerator program is an essential extension, allowing us to scale our efforts in fostering innovation in the blockchain industry.”
At press time, Cosmos’ native token ATOM was trading at $24.72, down by 1.12% from yesterday.