Amazon Web Services (AWS), a cloud computing platform and a subsidiary of e-commerce giant Amazon, is partnering with Cronos Labs, the development team behind Cronos Chain; to scale and grow web3 startups through the Cronos Accelerator Program.
Amazon Web Services Partners With Cronos Labs
In a tweet on April 26, Kris Marszalek, the CEO of Crypto.com, acknowledged the partnership saying web3 startups participating in the accelerator program would quickly grow and scale.
Excited to see Cronos Labs working with AWS on supporting and scaling Web3 startups going through the Cronos Accelerator Program https://t.co/vvtbBxEFmq
— Kris | Crypto.com (@kris) April 26, 2023
Specifically, AWS will help scale and grow projects looking to release solutions in decentralized finance (DeFi), GameFi, SocialFi, and Infrastructure applications. On the other hand, Cronos will make use of the AWS Activate program to assist budding web3 entrepreneurs in building potent projects in the sphere.
The AWS Activate program for projects, including web3 platforms, to leverage Amazon’s infrastructure. Amazon provides, among others, free tools, support, and resources with up to $100,000 in free Amazon credits.
The objective is to drive blockchain adoption in a setup where web3 startups will gain quick access to AWS resources while receiving expertise from Cronos Labs.
Cronos Labs is a startup accelerator specializing in DeFi and blockchain games. It is also involved in the building and expansion of the Cronos Chain ecosystem.
Meanwhile, Cronos is an open-source, proof-of-authority (POA), and interoperable blockchain compatible with the Ethereum Virtual Machine (EVM) and Cosmos ecosystems.
The Cronos Accelerator Program was launched in June 2022 and is backed with $100 million from Cronos Labs Ecosystem Fund to support “ongoing ecosystem development.”
There are usually between 3-4 cohorts comprising 10 startups every year. Developers go through a 14-week program where they are trained and linked with mentors.
Ken Timsit, the Cronos Managing Director, said the accelerator assists projects in “almost all areas of their operations,” with each successful project receiving up to $1 million in funding.
Through Cronos Accelerator, we want to enhance the potential of projects that sincerely want to help grow the ecosystem by providing support in almost every area of their operations. In the current climate, it is more important than ever to put our heads down and start building aggressively.
CRO Prices Rally
Following this partnership, CRO, the native currency of the Cronos Chain, is up 15% in the past three days, with buyers building on gains registered on April 26. Notably, CRO prices are above April 2023 highs and appear to break higher as a bullish formation emerges.
Earlier this week, Google Cloud, an AWS competitor, partnered with more blockchain firms, including Solana Foundation and Aptos, to attract more web3 projects.
Google Cloud said it was expanding on its Google for Startups Cloud program by adding specific benefits for web3 projects leveraging its rails.