Stone Ridge Holdings Group, the parent company of leading Bitcoin (BTC) provider NYDIG launched the first-ever startup accelerator dedicated to Lightning dubbed In Wolf’s Clothing (Wolf). Lightning Network is a Layer 2 (L2) protocol built on the Bitcoin blockchain.
The financial service firm, Stone Ridge Holdings plans to organize an eight weeks mentorship and brainstorming accelerator Bootcamp where innovators, founders, and startups from all around the world will converge in New York City.
According to Stone Ridge, this will be a time for the participants to focus on the development, growth, and funding of companies building on Lightning.
Applications are currently being accepted, although the Bootcamp will be held in cohorts. Provision for transportation and accommodation for participants coming from any part of the world has been made including a huge reward for the participating teams.
All teams will be given $250,000 for investment while one winner from each cohort will be given $750,000.
Perks of the In Wolf Clothing
In addition to these perks, participants in In Wolf’s Clothing stand a chance to work with experts and mentors from the BTC ecosystem and Stone Ridge & NYDIG. Likewise, they will gain access to Wolf in-house advisors who will give insights into topics like Bitcoin/Lightning/Taro, cryptography, regulation, engineering, marketing & branding, sales, and more.
“Over the past year, the Lightning Network has hit critical mass, and we expect that its growth will only further accelerate from here. That growth is ushering in a wave of innovation and development that will shape the future of decentralized finance.
We are launching Wolf to empower the best founders and teams from around the world to build that future. If you have an idea, a proof-of-concept, or an early-stage business that touches Lightning, Wolf can help you build and scale,” Wolf Chief Executive Officer Kelly Brewster said
As a form of support, Stone Ridge and NYDIG’s long-standing partners including Bitcoin-focused venture capitalists and other firms will invest in the accelerator Bootcamp and serve as mentors to the successful applicants.
Meanwhile, NYDIG has been faced with some form of trouble owing to the ongoing crypto winter and some management decisions. A few weeks ago, Robert Gutmann, and Yan Zhao CEO and president respectively stepped down from their position. About a week later, there was a massive layoff of 33% of the company’s employees in a bid to rebalance operating costs.
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