Reef Labs has announced the launch of a $10 million accelerator program for Web3 projects building on the Reef Chain in the Middle East region.

The program, managed by Reef Labs, aims to support, incubate, and invest in promising Middle East-based Web3 developers, teams, and projects building on the Reef Chain.

The Accelerator Program seeks to drive Reef’s vision for growth, making it the de-facto blockchain in the MENA (Middle East and North Africa) region. Ideas selected as part of this initiative will benefit from the financial support provided by Reef’s venture partners, along with mentorship, marketing, and business development assistance from Reef Labs. Additionally, these ecosystem projects can leverage Reef’s global community to promote their ideas and achievements to other Web3 developers and blockchain enthusiasts.

Denko Mancheski, CEO of Reef, said about this new initiative, “We’re launching the Reef Accelerator Program with the aim of welcoming the brightest minds in the Web3.0 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. Through our recently conceptualized 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. It will also enable us to drive the growth of the Web3 industry in the Middle East and emerge as this region’s de-facto blockchain”.

The Reef Accelerator Program is poised to solidify Reef Chain’s position as the most developer-friendly blockchain solution for web2 businesses transitioning into the web3 space in the MENA region, ultimately propelling the upcoming wave of innovation and Web3 adoption.

This program amount of $10 million will be part of the $20 million developer support fund that Reef had announced earlier.