The company behind Cosmos, Ignite (formerly Tendermint), has released the Ignite Accelerator. The program is focused on projects in the Web 3.0 segment.

Introducing the Ignite Accelerator, our $150 million funded program for innovation #web3 projects. Together with the Ignite CLI and Ignite Ventures, we now offer the most comprehensive innovation platform for blockchain developers. ⏩https://t.co/OeltmbxuJA pic.twitter.com/JpesLZKDEA

— Ignite (formerly Tendermint) (@ignite_com) April 12, 2022

Backed by 11 partners, including Ignite Accelerator, Alameda Research, KuCoin Ventures, Hashkey Capital, and OKX Blockdream Ventures. Total funding of the program is $150 million.

“We have extensive experience launching ambitious blockchain projects, so our accelerator program is an important extension that allows us to scale our efforts to drive innovation in the industry,” said Sané Lebrun, director of development at Ignite.

A maximum of 20 projects per year that are in the early stages can receive support. Each session will last half a year and participants must start the mainnet within 12 months.

In March 2021, Tendermint launched a $20 million fund to support promising projects based on the interoperability-focused Cosmos blockchain.

In February 2022, the company rebranded as founder Jae Kwon, who left the project, and regained ownership of the brand.

Recall that in April, Uniswap Labs launched a startup division focused on Web3 projects, infrastructure initiatives, and blockchain development tools.

Previously, venture capital firm Griffin Gaming Partners raised $750 million in a fund focused on the gaming and Web 3.0 segment.