A multibillion-dollar asset management firm is reportedly launching a new startup accelerator program committed to growing Bitcoin-focused () applications.
According to a new press release, Stone Ridge, a firm with $15.88 billion in assets under its management, is launching In Wolf’s Clothing (Wolf), a startup accelerator for Bitcoin.
Kelly Brewster, CEO of Wolf, told TechCrunch that scores of developers will be coming to New York City for several weeks at a time to focus on building for the king crypto’s Lightning and Taro (Taproot Asset Representation Overlay) protocols.
The Lightning Network is the benchmark layer-2 payments network for Bitcoin that aims to speed up transactions while Taro is a transfer protocol that allows the creation of tokens on the Bitcoin blockchain.
As stated by Brewster,
“[Both protocols are] generic and usable enough in such a wide range of applications that it’s like saying you’re starting an accelerator focused on HTTP. It’s a specific technology but the business use cases can be incredibly broad ranging. The fact that we’re very focused is a big part of the leg up and can be a big draw for founders.”
Stone Ridge is the parent company of NYDIG, a technology and financial services firm dedicated to providing Bitcoin services to institutions, private clients, and banks.
Though NYDIG was named as an entity supporting the accelerator, the names of companies providing outside capital will not be released, according to Brewster.
