The Startup Accelerator consists of four annual 8-week programs, with successful applicants receiving $250,000 and one receiving an additional $500,000 at the end of the program.
Asset management company Stone Ridge, the parent company of Bitcoin startup NYDIG, has launched the first startup accelerator focusing on the Bitcoin Lightning Network and the Taro protocol, called In Wolf’s Clothing (Wolf).
The accelerator consists of 8-week programs in which the best startup founders and teams from around the world are brought to New York City, with accommodation and travel expenses covered.
Teams that apply and are accepted into the program will receive a guaranteed investment of $250,000. One team will be chosen by a panel of judges to receive an additional $500,000 in funding during the demo day at the end of each show.
The programs will take place four times a year, with the first now open for applications and starting in April next year.
Kelly Brewster, Wolf’s executive director, pointed to individual tutoring and access to a range of specialists as additional benefits of the program.
Despite macroeconomic headwinds and a huge drop in Bitcoin price
The Lightning Network has continued to see rapid capacity growth over the past year, recently surpassing the 5,000 BTC threshold after reaching just 4,000 BTC in June.
Capacity of the Bitcoin Lightning Network. Source lookintobitcoin.com
Related: CashApp adds support for Bitcoin Lightning Network
The Lightning Network is a Layer 2 solution built on top of Bitcoin that allows users to send Satoshis, the smallest amount of Bitcoin that can be split, at higher speeds and lower costs.
The Taro protocol is a taproot-powered protocol designed by Bitcoin software company Lightning Labs, which allows assets issued on the Bitcoin blockchain to be transferred to the Bitcoin Lightning Network.
In other words, Taro enables the Lightning Network to become a multi-asset network with Bitcoin at its core.
Based on 1ml data, at the time of writing, network capacity is currently at 5,140 BTC, which is an increase of 5.43% from last month, and median transaction fees are very low. under 1 millionth of a cent per satoshi.