Reef Labs Launches Accelerator Program Worth $10M

Blockchain project Reef has launched a $10m accelerator programme for Web3 projects based on the Reef Chain in the Middle East. Reef Labs will manage the programme, which aims to support, incubate and invest in promising ventures. Selected ideas will receive funding from Reef’s partners, mentoring, marketing support and business development assistance. The initiative will also enable projects to leverage Reef’s global community to promote technology to peers. The MENA (Middle East and North Africa) region has seen a growth in blockchain/Web3 applications that the accelerator seeks to harness. Reef is offering enterprise-grade solutions with scalability, cost-effective transactions, extensible EVM and on-chain upgradability features in a developer-friendly ecosystem. The Reef Accelerator programme is part of a $20m developer support fund announced by Reef earlier. Denko Mancheski, CEO of Reef, said the initiative is aimed at welcoming the “brightest minds” in the Web3.0 industry.