Major crypto and web3 firms including Coinbase, Fabric Ventures, Animoca Brands and Founders Factory have launched a web3 accelerator program to drive innovation in U.K.’s blockchain and AI ecosystem.
According to the official press release, founders of participating web3 start-ups will receive funding worth up to £250,000 in cash ($333,470) and 16 weeks of operational support as part of the joint accelerator program. Applications are open for all types of businesses engaged in the decentralized economy and tokenised business models across all sectors.
Leading global accelerator Founders Factory will provide hands-on support for founders interested in participating in the program. The project will provide training for teams covering key aspects such as business strategy, product development, go-to market strategies and fundraising.
On the other hand, Fabric Ventures, Animoca Brands and Coinbase will offer support on expanding tokenomics, market making, listing at crypto exchanges, market strategies for building communities, and best practices for scaling businesses within the blockchain and AI space.
This joint program is designed to provide web3 start-ups with the funding and technical support they need in order to grow their businesses and drive investment into the web3 ecosystem, in order to further boost the U.K. economy.
As countries like the U.S. and Hong Kong strive to further advance web3 industries through regulations and government-backed programs that pave the way for blockchain and AI technology, the U.K. has been moving slower than expected on the crypto front due to its relatively more cautious approach.
Business and Trade Secretary Jonathan Reynolds sees the creation of the web3 accelerator program as a “vote of confidence” for the U.K’s tech sector. He believes it will strengthen the U.K.’s position in supporting innovation within the web3 space.
“Not only will it ensure that the U.K. remains a key leader in blockchain technology but will also unlock growth as we deliver on the Plan for Change. Our modern industrial strategy has highlighted financial and professional services as key growth sectors for the U.K. to thrive in,” said Reynolds in his statement.
U.K. CEO of Coinbase, Keith Grose, said the nation already has the talent, capital and regulatory support to benefit from the opportunities offered by the web3 landscape. However, there are still some obstacles that stifle innovation.
“Ensuring that these products and services are born out of the UK is vital. For too long, access to capital, mentorship and resources has held back this ambition. This significant investment changes that,” said the Coinbase U.K. CEO.
Earlier this month, a coalition of six major U.K. trade bodies urged the U.K. government to prioritize blockchain and digital assets by calling for an action plan so that it does not risk falling behind in the global race.
In fact, the group proposed the appointment of a blockchain-specific special envoy, much like the U.S’ AI and crypto czar, David Sacks. The envoy would be responsible for coordinating policies, fostering innovation and representing the U.K as a global ambassador for all things AI and crypto.
