Stone Ridge, an asset management firm has made the announcement of launching a startup accelerator. The firm known for being NYDIG’s parent company has announced the launch of Wolf.
Stone Ridge Launches Wolf
As explained by Stone Ridge officials in the announcement, Wolf would act as a startup accelerator. It would focus on and work to enhance the Taro protocol and Bitcoin Lightning Network.
The full name of the network is “In Wolf’s Clothing”.
Details about Wolf
As per the officials, Wolf would consist of programs divided into 8-weeks. Throughout the program, New York City would act as the main hub where the best startup teams and bounders would be gathered.
The executives have confirmed that the founders and the respective teams would not have to worry about the basic expenses. The teams operating Wolf would cover the travel costs as well as accommodations.
Multiple teams and founders are expected to partake in the program. They would have to submit their applications and wait for the Wolf teams to get in touch with them.
Those who get approved and are made part of the program would be given access to $250,000. The $250k amount would be the guaranteed investment to the users who would gain access.
By the end of each program, Wolf would hold a demonstration day. Those who are chosen by the judges (panel) on the demonstration day would be eligible to receive an additional $500,000.
Time Period for the Programs
The officials have confirmed that on an annual basis, the program would occur four times. The first program is to take place in the month of April 2023. However, its application window has already been opened.
The CEO of Wolf, Kelly Brewster talked about more benefits that the program would offer. It would also offer the startups and teams access to specialists and they would also be able to go for 1-on-1 mentorships.
The startup founders and the teams would benefit and learn from the NYDIG, Stone Ridge, and Wolf experts.
They would get to learn so much about sales, marketing, branding, engineering, regulation, cryptography, and bitcoin from the respective specialists.
Constant Rise in Lightning Network Capacity
The entire cryptocurrency industry knows that since the beginning of 2022, Bitcoin has continued to face a downfall. It has mainly traveled within the bearish territory and the situation is still the same.
Despite Bitcoin’s price moving downward, the capacity on the Lightning Network has continued increasing. It was just back in June 2022 when the capacity for the Lightning Network was 4,000.
However, the Lightning Network recently managed to cross the 5,000-capacity barrier. The ultimate goal of the project is to increase the exposure and operational abilities of the Lightning Network.
This would eventually help the Lightning Network grow stronger, increase its capacity, and increase the demand for Bitcoin.