Asset management entity Stone Ridge, the parent firm of NYDIG, released the first startup accelerator that is centric on the BTC Lightning Network and the Taro protocol, dubbed In Wolf’s Clothing (Wolf). 

Specifically, the accelerator is reportedly made up of 8-week programs, where the best founders and startup teams throughout the globe will be brought to New York City, with accommodation and travel costs covered.

The teams that submit application and are accepted into the program will be at the receiving end of a guaranteed investment of $250,000. One team will be selected by a panel of judges to receive an extra $500,000 of funding during the demonstration day at the end of each program.

The programs will reportedly take place in each quarter annually, with the first now open to applications and is geared towards a kick-off timeline in April 2023.

Kelly Brewster, the Head of Wolf, reportedly referred to one-on-one mentorships and access to a vast array of specialists as extra perks of the program.

Working alongside experts from Wolf, Stone Ridge, NYDIG, and beyond, founders will get funding, one-on-one mentorship, and access to specialists in bitcoin, cryptography, regulation, engineering, branding, marketing, sales, and more.

The Lightning Network reportedly operates as a layer-2 solution developed upon the foundation of Bitcoin, which enables users to send satoshis, the minimum sum of Bitcoin can be divided into, with enhanced speeds and reduced fees.

The Taro protocol reportedly functions as a Taproot-based protocol developed by the Bitcoin software firm Lightning Labs, which allows assets issued on the Bitcoin blockchain to be transferred to the Bitcoin Lightning Network.

Per insights from 1ml, at the time of writing the network’s capacity is standing at the 5,140 BTC benchmark, representing a 5.43% surge throughout October, and median transaction fees are well under 1 millionth of a cent per satoshi.