accelerator

Cointelegraph Accelerator and bitsCrunch Startup Program join to aid NFT projects

Through a new initiative, Cointelegraph Accelerator and the bitsCrunch Startup Program aim to help startups in the NFT data space by providing free data tools.

As nonfungible token (NFT) trading volumes begin to pick up again in Q1 2023 and marketplaces battle it out for a piece of the pie, more projects are coming into the space to assist market actors with infrastructure and analytical tools. And with evidence of wash trading and other abuse by bad actors becoming apparent, there is a demand for forensic tools to aid traders and investors in making informed, financially secure decisions.

Cointelegraph Accelerator is assisting in further developing the NFT sector by teaming up with bitsCrunch’s startup program to help developers and startups in their journey. Through the joint initiative, members will participate in and reap the benefits of both initiatives.

Founded in 2013, Cointelegraph is a long-standing player in the world of cryptocurrency and blockchain media. Cointelegraph Accelerator launched in 2023 and works with early-stage Web3 projects to boost their growth by leveraging its access to a native Web3 audience, marketing expertise and a broad network of industry partners.

Working in the field of analytics, bitsCrunch provides NFT data solutions across multiple blockchains, adding transparency to the sector by identifying wash trading and more. In February 2022, bitsCrunch landed $3.6 million in a funding round, thanks to investments from firms such as Coinbase Ventures and Animoca Brands.

The bitsCrunch startup program helps early-stage companies and developers, giving accepted participants free (or low-cost) access to its solutions through its platform and APIs. Additionally, participants receive help from bitCrunch as they navigate its tools and get early access to updates.

The collaboration between the bitsCrunch startup program and Cointelegraph Accelerator will provide synergy as the pipelines of the participating projects will be combined, allowing them fast-track access to the respective partner’s program if they comply with the criteria. Members of the BitsCrunch startup program will also be eligible for media coverage on Cointelegraph through discounted, special media packages.

Asset management firm launches BTC Lightning Network startup accelerator

The startup accelerator will consist of four yearly 8-week programs, with successful applicants receiving $250,000 and one receiving an additional $500,000 at the end of the program.

Asset management firm Stone Ridge, the parent company of Bitcoin company NYDIG, has launched the first startup accelerator that focuses on the Bitcoin Lightning Network and the Taro protocol, called In Wolf’s Clothing (Wolf).

The accelerator consists of 8-week programs in which the best founders and startup teams from around the world will be brought to New York City, with accommodation and travel costs covered.

The teams which apply and are accepted into the program will receive a guaranteed investment of $250,000. One team will be chosen by a panel of judges to receive an additional $500,000 of funding during the demonstration day at the end of each program.

The programs will occur four times per year, with the first now open to applications and set to kick off in April next year.

Kelly Brewster, the CEO of Wolf, pointed to one-on-one mentorships and access to a range of specialists as additional benefits of the program.

Working alongside experts from Wolf, Stone Ridge, NYDIG, and beyond, founders will get funding, one-on-one mentorship, and access to specialists in bitcoin, cryptography, regulation, engineering, branding, marketing, sales, and more.

— Kelly Brewster (@kbbrewster) October 26, 2022

Despite macroeconomic headwinds and a huge drop in the price of Bitcoin (BTC), the Lightning Network has continued to see rapid growth in its capacity over the last year, recently breaching the 5,000 BTC threshold after having only hit 4,000 BTC in June.

*Bitcoin Lightning Network capacity. Source* *lookintobitcoin.com*

The Lightning Network is a layer-2 solution built on top of Bitcoin that allows users to send satoshis, the smallest amount of Bitcoin can be divided into, with greater speeds and lower fees.

The Taro protocol is a Taproot-powered protocol designed by the Bitcoin software firm Lightning Labs, which allows assets issued on the Bitcoin blockchain to be transferred to the Bitcoin Lightning Network.

In other words, Taro allows the Lightning Network to become a multi-asset network with Bitcoin at its core.

According to data from 1ml, at the time of writing, the network’s capacity is currently sitting at 5,140 BTC, representing a 5.43% increase over the past month, and median transaction fees are well under 1 millionth of a cent per satoshi.