ConsenSys Mesh Launches TachyonX Fund to Streamline Funding for Crypto Founders
Ethereum incubator ConsenSys Mesh has introduced TachyonX, an innovative funding program aimed at providing early-stage blockchain projects with substantial seed capital. Unlike traditional accelerators, TachyonX eliminates the need for founders to navigate through complex bureaucratic processes before receiving funding.
TachyonX accepts applications from technical projects at any stage that are leveraging blockchain technology to solve real-world problems. While ConsenSys Mesh and its parent company ConsenSys are closely associated with the Ethereum ecosystem, the program is open to projects built on any Ethereum Virtual Machine-compatible blockchain.
Winners selected for TachyonX will receive a $150,000 investment and 4% equity stake in their projects from ConsenSys Mesh. Additionally, these founders will have personalized access to a network of mentors who will assist them in launching their projects quickly.
Streamlined Funding for Web3 Founders
TachyonX aims to be the go-to program for founders in the Web3 space. Web3 refers to decentralized web technologies, particularly blockchain applications. The program boasts transparent and simplified terms to make the funding process as straightforward as possible for founders.
Participating mentors in the TachyonX program include industry experts such as ConsenSys CEO and Ethereum co-founder Joe Lubin, Gnosis co-founder Stefan George, Gitcoin co-founder Kevin Owocki, Aztec COO Lisa Cuesta Bunin, and Coinbase Ventures head Shan Aggarwal.
The TachyonX application, consisting of just 18 questions, is already live. The program plans to accept approximately eight to ten projects in its initial cycle, expected to take place between now and the fall. ConsenSys Mesh, which previously operated the traditional tech accelerator program Tachyon for over five years, plans to relaunch that initiative next year.
Quicker Access to Capital and Direct Mentorship
TachyonX was developed in response to feedback from Web3 founders who desired faster access to capital and direct mentorship to accelerate their projects. Unlike traditional incubators and accelerators, which often provide comprehensive educational curriculums, TachyonX prioritizes quick funding and mentorship.
According to Diana Richter, Head of Marketing for ConsenSys Mesh, TachyonX offers founders an early-stage funding injection and a mentorship network to support them in building their businesses. With this streamlined approach, founders can focus on their core business activities without being burdened by administrative hurdles.
In exchange for their participation in the program, selected projects must allocate 4% equity to ConsenSys Mesh and grant the incubator pro rata token rights to insider token allocation.
If you’re a crypto founder seeking streamlined funding and mentorship, consider applying to ConsenSys Mesh’s TachyonX program. With a simplified application process and direct access to experienced mentors, TachyonX aims to empower founders in the Web3 space. To stay updated on the latest crypto news and receive daily updates, visit Uber Crypto News.