Avalanche's Codebase accelerator program chooses first cohort

Avalanche AVAX -0.86% has chosen its first cohort, consisting of 15 early-stage web3 startups, for its Codebase accelerator program after receiving nearly 250 applications from over 30 countries. 

Codebase is an Avalanche Foundation initiative aimed at assisting in developing the next generation of web3 companies building on the blockchain. According to Thursday's announcement, the accelerator program offers each of its 15 cohort members between $500,000 and $1 million in funding. Additionally, selected projects will be eligible for the 10-week program’s $400,000 investment prize pool.

The Avalanche announcement added that Colony Lab, an established Avalanche accelerator, has partnered with Codebase to expand cohort funding. "Colony’s commitment to funding may surpass $1 million per project, thanks to its collaboration with SwissBorg. With 7,500 plus Avalanche users potentially available to provide decentralized funding, Colony Lab offers a unique avenue for projects to receive seed funding from thousands of web3 natives," the Codebase announcement stated.

The accelerator program will utilize the mentorship of both web2 and web3 experts and will culminate in an in-person pitch day at Consensus on May 29th. The accelerator program's companies will pitch their ideas to web3 investors during this event.

Avalanche Foundation reveals five 'community coins' it holds

Earlier this month, the Avalanche Foundation, which supports the Avalanche blockchain network, disclosed the first five memecoins that are part of its "community coins holdings."

The Foundation's portfolio includes meme coins Coq Inu, Gecko, Kimbo, NoChill, and Tech. This is part of the Foundation’s broader Culture Catalyst program, which claims to “foster web3 creators.”

Last year, the foundation declared its plan to acquire community coins specific to the Avalanche network. The selection process for these coins follows the Foundation’s guidelines and emphasizes “high community value.”