Stone Ridge, a New York-based asset management, has unveiled a brand-new start-up accelerator dubbed In Wolf’s Clothing (Wolf). According to a TechCrunch article from Wednesday, it will concentrate on enabling Bitcoin-related applications.
Each year, the accelerator will bring up to 12 teams to New York to develop products that make use of the Taro protocol and the Lightning network for Bitcoin. Both early-stage enterprises and budding start-ups are sought after by Wolf. Kelly Brewster, a former chief marketing officer at the Stone Ridge subsidiary NYDIG, will lead it.
The accelerator at Stone Ridge will pay particular attention to apps that accept tips and small payments. These are the two areas that may help Bitcoin become more widely accepted. Participating teams in the accelerator program have a chance to win money worth up to $750,000.
The attention will also be on Taro, a brand-new protocol developed by Lightning Labs. It uses Taproot, an improvement designed to make Bitcoin transactions safer and more private, to increase the scalability of the cryptocurrency.
The protocol enables the issuance of assets and collectibles on top of Bitcoin without the use of a second blockchain or the addition of additional data to the blockchain. A popular scaling option for Bitcoin that works as a Layer 2 payment system is the Lightning Network.
By providing independent payment channels, it enables users to rapidly transfer cryptocurrency at extremely cheap rates. Following the announcement by the asset manager that it was closing down its Bitcoin futures fund because it failed to acquire any traction, Stone Ridge decided to launch a cryptocurrency-focused accelerator.
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