DFINITY Foundation Launches Olympus to Boost Global Web3 Startups | BitPinas

The DFINITY Foundation (DFINITY), a Swiss non-profit and key contributor to the Internet Computer Protocol (ICP) blockchain, has launched Olympus, a decentralized on-chain global acceleration platform to support web3 product launches.

Olympus Launch

According to a media release, initial operations are funded by a $15 million grant from DFINITY and the ICP Asia Alliance, which will oversee the first series of web3 startup accelerator programs.

Locally, ISLA Camp (ICP Hub Philippines) will lead acceleration programs to nurture Filipino-led web3 projects. Nelson Lumbres, co-founder of ISLA Camp, said Olympus will create global opportunities for these projects and entrepreneurs.

“Magandang oportunidad ang Olympus para makilala ang Filipino Web3 projects and entrepreneurs sa global stage. Our focus at ISLA Camp is to identify, nurture, and propel high-potential Filipino Web3 projects onto the global stage.”

Nelson Lumbres, co-founder, ICP Hub Philippines

Filipino web3 startups and entrepreneurs in Olympus will receive mentorship and investment opportunities from leading venture capital firms like Fenbushi Capital, Fundamental Labs, Softbank Vision Fund, NewTribe Capital, Cypher Capital, Bitcoin Frontier Fund, and Summer Ventures.

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

“We’re all looking forward to witnessing the growth of the next generation of projects on the Internet Computer and other ecosystems through Olympus.”

Dominic Williams, DFINITY

What is Olympus?

Olympus is a unified platform for launching web3 products, featuring grants, crowdfunding, venture capital investments, and networking opportunities, all conducted on-chain. The media release noted that it connects a global ecosystem spanning over 40 countries, supporting project applications, funding, talent acquisition, and cross-community interactions. DFINITY stressed that Olympus fosters a transparent investment environment, providing investors with early access to vetted projects.

Future Plans

Olympus will transition into a decentralized autonomous organization (DAO) by the end of the year. A DAO is an organization that operates through rules encoded as computer programs called smart contracts. These rules are transparent, controlled by organization members, and executed on a blockchain.

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

Previous news on DFINITY, ISLA CAMP

Last month, Bulacan State University students secured the top prize at the iTHINK Hackathon 2024, organized by ISLA Camp (ICP Hub Philippines) as part of the International Conference on Innovation, Technology, and Entrepreneurship (IRCITE) 2024. The top three contenders received additional funding from the DFINITY Foundation.

ICP also announced a Community Grants program for Filipino entrepreneurs.

This article is published on BitPinas: DFINITY Foundation Launches Olympus to Boost Global web3 Startups

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