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Reef Pours $10 Million Into Web3 Accelerator Program

The program aims to support, incubate and invest in promising Middle East-based Web3 developers, teams and projects that utilise the Reef Chain

Blockchain startup Reef has launched a $10 million accelerator program for Web3 projects building on the Reef Chain that are based out of the Middle East.

Managed by Reef Labs, the program aims to support, incubate and invest in promising Middle East-based Web3 developers, teams and projects that utilise the Reef Chain.

Reef’s accelerator program is also focused on driving the startup’s vision for growth, making it the ‘de-facto’ blockchain in the Middle East and North Africa region (MENA). The rise of blockchain and Web3 applications in the Middle East is paving the way for technological progress and innovation.

Denko Mancheski, CEO of Reef commented, “We’re launching the Reef Accelerator Program with the aim of welcoming the brightest minds in the Web3 industry. The Reef team has been working with Web3 developers in the Middle East region for some time now, and is extremely excited by the talent and innovation we witness.”

Web3 adoption in the MENA region

Ideas selected for this initiative will also benefit from the financial support provided by the startup’s venture partners including mentorship, marketing and business development assistance from Reef Labs. In addition, these ecosystem projects can leverage Reef’s worldwide community to promote their ideas and achievements to other Web3 developers as well as blockchain enthusiasts.

“Through our recently conceptualised Reef Labs initiative, we will choose the best Middle Eastern projects, empower them to realize their full potential and integrate them into the current Reef ecosystem of NFT, DeFi, Metaverse, and GameFi projects,” added Mancheski.

The present geo-political landscape in the MENA region fosters the growth of region-specific blockchain networks that are set to play a major role in promoting Web3 adoption.

Reef’s accelerator program is focused on solidifying the startup as one of the most developer-friendly blockchain solutions for Web2 businesses transitioning into the Web3 space.

Written By

Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.

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