Terra venture arm Terraform Labs and LongHash Ventures are partnering up to bring Terra’s first global accelerator program to market.
LongHash Ventures has announced a partnership with Terraform Labs to launch the LongHashX Accelerator Terra cohort. The partnership will open up the LongHashX Accelerator, first established in 2018, to founders and startups building in the Terra ecosystem.
Terra has become the second-largest blockchain by Total Value Locked (TVL), with its TVL skyrocketing to $37.5 billion from under $1 billion a year ago.
The project has made waves recently after it was revealed that it would be using bitcoin as a collateral asset in its ecosystem. Terra has bought $1.4 billion worth of bitcoin and has plans to expand that to $10 billion as a reserve asset for its pegged stablecoins.
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Terra venture arm is targeting Web3 protocols
Terraform Labs says it has embarked on this latest partnership because of LongHash Ventures’ strong track record of accelerating and investing in leading Web3 protocols. This partnership is a continuation of LongHash Ventures’ accelerator partnership model, having partnered with notable ecosystems such as Polkadot, Filecoin, Algorand, and others in the past.
In addition, LongHash Ventures brings recognised thought leadership in Web3-native topics, opens access to its network of investors and founders, and provides up to $500,000 in funding to each project selected to join the program.
The primary objective of the partnership is for LongHash Ventures to accelerate and invest in the next generation of leading Web3 protocols building on the Terra blockchain. The LongHash Ventures team is confident that this is only the first of many opportunities to collaborate with Terraform Labs.
Emma Cui, Founding Partner of LongHash Ventures, comments:
“As we significantly scale up our LongHashX Accelerator program in 2022, we are thrilled to partner with Terra to run our next cohort. We have been very impressed by the protocols and development of the Terra ecosystem, and we are very excited to continue to expand our accelerator partnership model with one of the world’s leading Web3 ecosystems. The collaboration gives us an opportunity to accelerate and invest in the next generation of projects building on Terra.”
10 project to join LongHashX Accelerator Terra cohort
Ten projects will join the LongHashX Accelerator Terra cohort and will go through a 12-week program, starting in June 2022.
Projects will receive guidance and support across six areas: product strategy & design, tokenomics, governance, tech mentorship, community building, and fundraising.
The LongHashX Accelerator will also host weekly workshops and fireside chats with industry leaders, as well as host weekly one-on-one problem solving sessions with venture builders and weekly mentor office hours. At the end of the program, there will be a Demo Day where the startups will have the opportunity to pitch to investors.
“The LongHashX Accelerator has a consummate track-record as one of the most successful programs for accelerating Web3 startups,” says Do Kwon, Co-Founder and CEO of Terraform Labs (TFL). “The new Terra cohort unlocks a streamlined pathway for builders to pursue bold ideas replete with first-class resources, workshops, and guidance – further accelerating a wave of innovation in the Terra ecosystem.”
LongHashX is the accelerator program of LongHash Ventures, and is one of Asia’s top Web3 accelerators. LongHash Ventures is one of the few venture capital firms to run its own accelerator program.
Teams and projects interested in applying for the program can do so directly here.
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