DFINITY Foundation Unveils Olympus to Propel Worldwide Web3 Startups

DFINITY Foundation, a Swiss non-profit organization and a major contributor to the Internet Computer Protocol (ICP) blockchain, has introduced Olympus, a decentralized on-chain global acceleration platform to facilitate the launch of web3 products.

The launch of Olympus was announced by Nelson Lumbres during an ICP meetup. Initial operations are being supported by a $15 million grant from DFINITY and the ICP Asia Alliance, which will manage the initial round of web3 startup accelerator programs.

Locally, ISLA Camp (ICP Hub Philippines) will be leading the acceleration programs aimed at nurturing Filipino-led web3 projects. Nelson Lumbres, co-founder of ISLA Camp, expressed that Olympus will open up global opportunities for these projects and entrepreneurs.

Filipino web3 startups and entrepreneurs participating in Olympus will have access to mentorship and investment opportunities from prominent venture capital firms such as Fenbushi Capital, Fundamental Labs, Softbank Vision Fund, NewTribe Capital, Cypher Capital, Bitcoin Frontier Fund, and Summer Ventures.

Dominic Williams, the founder and chief scientist of the DFINITY Foundation, highlighted that the Olympus acceleration platform promotes decentralization, innovation, and entrepreneurship.

Olympus functions as a unified platform for launching web3 products, offering grants, crowdfunding, venture capital investments, and networking opportunities, all carried out on-chain. The platform aims to connect a global ecosystem across over 40 countries, facilitating project applications, funding, talent acquisition, and cross-community interactions. DFINITY emphasized that Olympus ensures a transparent investment environment, granting investors early access to verified projects.

In the future, Olympus is set to evolve into a decentralized autonomous organization (DAO) by the end of the year. A DAO operates through rules encoded as smart contracts on a blockchain, providing transparency and control to organization members.

To ensure its sustainability and independence, Olympus will be funded through a native token generation event (TGE) and subsequent community-led fundraising, enabling all stakeholders to participate in the success of the platform.

Recently, students from Bulacan State University secured the top prize at the iTHINK Hackathon 2024 organized by ISLA Camp (ICP Hub Philippines) during the International Conference on Innovation, Technology, and Entrepreneurship (IRCITE) 2024. Additionally, ICP announced a Community Grants program for Filipino entrepreneurs.

This article is originally published on BitPinas and can be accessed through the following link: DFINITY Foundation Launches Olympus to Boost Global web3 Startups.

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