An Accelerator program has been launched by Ethereum Classic Labs to fund talent and promote the development of products on the Ethereum Classic network.
On July 28, Ethereum Classic Labs published a blog post to provide more details about the accelerate program, which is called Ethereum Classic Labs Accelerate. The main focus of the program is to fund and educating blockchain firms and communities that are creating products and services on the Ethereum Classic blockchain.
According to the announcement, the first Cohort of Ethereum Classic Labs Accelerate was formed during Q1 2019 while the second is expected to be announced in Q3. Ethereum Classic Labs noted that Accelerate targets two cohorts per year, with each having a different focus and theme.
The first cohort was focused on infrastructure for building blockchain applications and included 11 blockchain companies such as crypto wallet Button and blockchain interoperability project EtherNode. As a part of the program, the participants reportedly received funding, mentorship, as well as facilities, workshops, connections and other necessary resources.
The accelerate program is an important step for Ethereum Classic to regain its usefulness. Last December, following the crash of the cryptocurrency market, ETCDEV, the leading network product development company for Ethereum Classic (ETC), announced the closure of its operations.
The company struggled to operate with the stocked funds as the market kept dropping. The continuation of the bear market meant securing funds also became a challenge leading to the shutdown.