Stone Ridge, an asset management firm and the parent company of Bitcoin entity NYDIG, has introduced the inaugural startup accelerator specifically focusing on the Bitcoin Lightning Network and the Taro protocol, under the name “In Wolf’s Clothing” (Wolf).
The accelerator program spans 8-weeks, welcoming top founders and startup teams from across the globe to New York City, with all accommodation and travel expenses covered.
Selected teams entering the program are assured of a $250,000 investment. Moreover, a panel of judges will pick one team during the demonstration day at the conclusion of each program to receive an additional $500,000 in funding.
The accelerator program will run four times a year, with the first program currently open for applications and scheduled to commence in April of the upcoming year.
Kelly Brewster, the CEO of Wolf, emphasized the added advantages of one-on-one mentorships and access to various specialists that the program offers.
Working alongside experts from Wolf, Stone Ridge, NYDIG, founders will get funding, mentorship, and access to specialists in bitcoin, cryptography, regulation, engineering, branding, marketing, sales, and more.
— Kelly Brewster (@kbbrewster) October 26, 2022
Despite challenges in the macroeconomy and a significant decline in the price of Bitcoin (BTC), the Lightning Network has shown continuous growth in capacity over the past year, recently surpassing the 5,000 BTC mark after reaching 4,000 BTC in June.
The Lightning Network serves as a layer-2 solution layered on Bitcoin, offering users fast and low-cost options to send satoshis, the smallest Bitcoin unit.
The Taro protocol, devised by Bitcoin software company Lightning Labs and powered by Taproot, enables assets existing on the Bitcoin blockchain to be moved onto the Bitcoin Lightning Network.
Essentially, Taro transforms the Lightning Network into a multi-asset network anchored by Bitcoin.
Based on data from 1ml, the network’s current capacity stands at 5,140 BTC, showcasing a 5.43% rise in the past month, with median transaction fees remaining below 1 millionth of a cent per satoshi.
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