Web3 investment fund LongHash Ventures is joining forces with Terraform Labs, the South Korean company behind the Terra public blockchain, to support projects building on the Terra ecosystem.
The core of this alliance is to open up a Singapore-based program established in 2018 to support Web3 development for Terra-related startups. They call it the “LongHashX Accelerator Terra cohort.”
The program was produced in response to strong demand from investors to gain exposure to the performance of the world’s second-largest ecosystem after Ethereum. With $18.8B in total value locked (TVL), Terra offers decentralized financial infrastructure, financial tools, and NFT solutions.
Striving towards a world where all blockchains can seamlessly communicate, LongHash Ventures has put forward the capabilities of its accelerator partnership model to sponsor leading Web3 protocols building on the Terra blockchain.
At the end of the program, there will be a Demo Day where the startups will have the opportunity to pitch to investors. The shortlisted candidates will receive an investment from the accelerator and get access to a network of more than 1,000 investors, 100,000 community members, and mentorship across Web 3 topics.
LongHash said that it has made some improvements to its program, such as hosting weekly workshops and fireside chats with industry leaders, as well as one-on-one consultations with teams.
Terra settled a $150 million fund commitment
Taking that a step further, LongHash Ventures has already partnered with notable ecosystems such as Polkadot, Filecoin, Algorand, and others.
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.”
“The LongHashX Accelerator has a consummate track-record as one of the most successful programs for accelerating Web3 startups,” added 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.”
Terra blockchain makes stablecoins that track the price of various fiat currencies. It was built with Tendermint, the native architecture for the Cosmos ecosystem of blockchains. Terraform Labs secured last year $150 million worth of investment funding from several high-flyers in the crypto space.
