The Cardano Foundation took it to X to announce a major partnership, concerning everyone who is building applications or tooling on the protocol.

More specifically, theyve teamed up with Techstars an organization focused on supporting developers. The initiative is called Project Catalyst and it is a global pre-accelerator that will be running from October until December this year.

It will focus on companies building on the Cardano blockchain, companies building cross-chain compatible or chain-agnostic solutions relevant to Cardano, and founders building towards the advancement and adoption of Cardanos ecosystem.

Big news for teams building on or around Cardano!

We’ve partnered with @Techstars to launch a 10-week pre-accelerator for web3 founders ready to grow, pitch, and scale their project globally.

Learn more and apply now: https://t.co/lG28xj3VbW

According to the official post, the pre-accelerator will select between 15 and 20 companies who will receive access to Techstars startup education on customer discovery, product market fit, introduction to venture, pitch coaching, and more.

At the time of the announcement, ADAs price is changing hands at around $0.58, up 7.2% on the day but down 6.8% on the week. The most recent bounce comes amid the ceasefire agreement between Iran and Israel.