Singapore-based cryptocurrency incubator Icetea Labs has launched a new Web3 accelerator targeting Southeast Asia. The move comes as the rapid growth of Axie Infinity triggers the entry of young talent into the blockchain sector.
The meteoric rise of Axie Infinity
Many family-owned conglomerates in Southeast Asia tend to aggressively acquire young, successful startups before they have a chance to go public.
Axie Infinity has a fully diluted valuation of around $5 billion, making it one of the largest companies in Vietnam. For context, the largest company in Vietnam is Viettel, a telecom giant, valued at around $6 billion as of early 2021.
Hoping to become the next Axie, talent is flocking to web3, targeting various sectors including gaming, decentralized finance (DeFi), infrastructure, and decentralized IP management.
Alpha Venture DAO co-founder Tascha Punyaneramitdee, who is well known in the DeFi space for launching the popular DeFi leveraged return platform Alpha Finance, said that the 9-week incubation program is designed for founders entering the web3 industry. .
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“We are delighted to help founders jumpstart their Web3.0 projects through the accelerator program with Icetea Labs and Polygon. This program was uniquely created to support founders by giving them practical advice on building Web3.0 technology, connecting them with crypto-native mentors, and opening opportunities to raise funds from Tier 1 investors,” said Tascha.
Icetea Labs has also partnered with Polygon, which has become a layer two powerhouse in the last 12 months.
Over the course of eight weeks, Icetea Labs, Alpha, and Polygon will help founders raise funds, find go-to-market strategies, and see growth in their products and ecosystems.
The 8-week program aims to support innovative Web3 startups in areas such as product/market fit, fundraising, go-to-market strategy and sustainable growth.
Other high-profile partners, funds, and mentors in the accelerator include Polygon, Alpha Venture DAO, Hashed, Protocol Labs, Global Founders Capital (GFC), Polygon Studios, Saison Capital, Crypto.com Capital, Shima Capital, CyberAgent Capital, Filecoin
The launch of the accelerator comes as Vietnam plans to bring more regulatory clarity regarding crypto assets and web3 companies in the country.
According to Blockworks, Vietnam’s Deputy Prime Minister Le Minh Khai has asked the Ministry of Finance to lead the investigation to potentially implement a legal framework to govern digital assets.