New Canadian accelerator launches to nurture

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New Canadian accelerator launches to nurture Bitcoin startups |...
http://venturebeat.com/2014/03/06/new-canadian-accelerator-la...
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New Canadian
accelerator launches
to nurture
Bitcoin startups
1 of 11
3/31/14 8:02 PM
Above: Overstock.com is helping Bitcoin makes its rise.
Image Credit: deviantART (http://browse.deviantart.com/art/ThePirate-Bay-vs-PayPal-348656034)
March 6, 2014 4:00 AM
Kia Kokalitcheva (http://venturebeat.com/author
/imkialikethecar/)
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We might be furiously obsessing over Bitcoin
here in Silicon Valley, but a new Bitcoin-focused
accelerator is launching today in America’s hat —
Canada.
It is aptly named Bitcoin Decentral Accelerate
(http://bdaccelerate.com/).
Bitcoin Decentral (http://bitcoindecentral.ca/),
the Toronto-based business center behind the
accelerator, has already assembled a bevy of
novel cryptocurrency amenities and projects,
such as a BTM (Bitcoin ATM), Bitcoin meetups, a
next-generation distributed cryptographic ledger
named Ethereum, and even a Bitcoin wallet in
the form of a Chrome browser extension called
Kryptokit. It really does seem poised for
successful vetting and nurturing of a new
generation of Bitcoin and cryptocurrency
startups, given its range of related experience
and resources.
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3/31/14 8:02 PM
Bitcoin Decentral Accelerate will make initial
investments of $25,000 for a 7 percent stake in
each startup, will provide at least $25,000 of
perks (such as hosting, SaaS services and legal
and marketing services) to each company, and
provide a $100,000 convertible note to each
graduating startup, accelerator cofounder and
advisor William Mougayar told VentureBeat via
email.
The accelerator boasts a large team of
experienced cryptocurrency mentors, including
Ethereum cofounders Vitalik Buterin and
Anthony Di Iorio, Coinapult founder Erik
Voorhees, BitPay chief executive Tony Gallippi,
Blockchain chief security officer Andreas
Antonopoulos, monetary expert Trace Meyer,
and BitAngels cofounder David A. Johnston, to
name just a few.
This announcement comes on the heels of a
similar accelerator launch — CrossCoin Ventures
(http://www.crosscoinventures.com/)’ program,
which opened its doors yesterday.
CrossCoin’s accelerator will focus on
cryptocurrency startups developing remittance;
wallets; merchant solutions; and tax, analytics,
and management products. It will also heavily
promote Ripple (https://ripple.com/#), a
cryptocurrency that doubles as a payment
system.
During CrossCoin’s four-month program, the
chosen startups will get office space to help
them get going and a flexible, yet goal-oriented
structure that’s designed for rapid iteration and
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3/31/14 8:02 PM
achieving milestones. CrossCoin will also invest
$50,000 in Ripple’s currency, XRP, into each
accepted startup.
In a fun twist, CrossCoin’s management team
includes Gary Kremen, who previously founded
Match.com. Perhaps the accelerator will be
making dating advice available to the startups? It
sure would be a great perk to offer.
And while both of these accelerator programs
seem to be unusual, a few others have been
quietly simmering. Sunnyvale-based Plug and
Play Tech Center recently debuted its own
Bitcoin accelerator program
(http://expo.plugandplaytechcenter.com
/programs/Bitcoin#about), and Adam
Draper’s Boost.vc (http://boost.vc/) has Bitcoinfocused startups in its portfolio. And there is also
BitAngels (http://www.bitangels.co/), an angel
group dedicated to nurturing the digital currency
space.
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Boost.vc (http://venturebeat.com
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New Canadian accelerator launches to nurture

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