The Stacks Accelerator today announced a new program track to foster crypto cities on the CityCoins protocol.
The CityCoins Accelerator Track is an extension of Stacks Accelerator’s mentorship-driven program awarding up to $50,000 investment to selected teams, who can additionally apply for up to $100,000+ in non-equity grants from the Stacks Foundation.
Over three months, teams will participate in Stacks Accelerator’s program, where they will receive training in product and marketing strategy, mentor-and-investor matching, and other support necessary to realize, build and ultimately succeed with their project. As CityCoins Accelerator Track participants, teams will receive additional mentorship, support, and access to CityCoins-specific resources. The first Stacks Accelerator cohort raised over $24MM since beginning in May 2021. The average valuation is now $20.5MM per team, representing an average 3.5x+ increase in valuation since the start of the program.
Confirmed mentors include Balaji Srinivasan, angel investor and former CTO at Coinbase; Amanda Cassatt, co-founder of Serotonin and former Consensys CMO; Ryan Hoover, founder of Product Hunt and investor at Weekend Fund; Sten Tamkivi, founder of Skype; Preethi Kasireddy, ex-a16z & Coinbase, currently EIR at Samsung NEXT; Jake Brukhman, founder of CoinFund; Zavain Dar, partner at Lux Capital; Trung Phan, writer and co-host, Not Investment Advice (NIA) podcast; Patrick Stanley, CEO of Freehold; and Muneeb Ali and Ryan Shea, co-founders of Stacks.
“CityCoins have already been activated in Miami and New York City, with tens of millions of dollars already accrued in their CityCoins treasuries—but CityCoins are more than a new fundraising opportunity for cities,” said Patrick Stanley, CEO of Freehold. “CityCoins are the future of civic engagement, and this accelerator is an incredible opportunity for builders to help shape that future.”
Ryan Hoover, a mentor in the accelerator, said: “CityCoins is charting new territory for civic engagement where governments, local citizens, and a global market come together to create a win/win/win outcome for everyone. I’m excited to see how communities adopt and build on top of the platform and broader Stacks ecosystem.”
