Coinbase and Animoca Brands have joined a group of institutional investors to announce an accelerator initiative in the UK, focused on Web3 projects. Fabric Ventures and Founders Factory are also part of the programme, that will allow promising Web3 startups to gain financial aid of up to GBP 250,000 (roughly Rs. 2.85 crore). The firms announced the new programme on Monday, and stated that it was designed to advance tech startups working on AI and blockchain technology that can elevate the UK’s economic status.
The initiative also offers 16 weeks of industry experience from Founders Factory, a startup accelerator firm based in London, UK. The selected startups will get business strategy support and market exposure along with training in product development and fundraising, according to a press release published on Monday.
Fabric Ventures, Animoca Brands, and Coinbase will also guide these startups on tokenomics, community strategies, and business scaling practices in the blockchain and AI sectors.
“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 Keith Grose, UK CEO, Coinbase.
The group of investors has yet to disclose the exact amount of funds that have been allocated to support this initiative. The announcement vaguely mentions the accelerator programme is worth several million pounds.
Startups building for open economy and tokenised business models have been invited to apply. The founders of the selected startups will also get an opportunity to present a demo of their projects to global investors and work for seed funding or Series A investments.
The UK plans to release its crypto rules by 2026. Due to its crypto-friendly approach, several Web3 firms have entered the UK market.
All Web3 firms looking to operate in the UK are required to acquire an operational licence with the Financial Conduct Authority (FCA). Coinbase is among firms that recently registered with the FCA earlier this year.