$20 Million Fund Launched for Move-Based Startups: Fostering Web3 Innovation

Gate Ventures and Boon Ventures Collaborate with Movement Labs on a $20 Million Fund for Web3 Startups

Gate Ventures, the investment arm of the renowned crypto exchange Gate.io, has teamed up with Boon Ventures and Movement Labs to launch the $20 Million Fund Launched, giving a significant boost to the Web3 ecosystem. This initiative drives the development of startups focused on Move-based protocols and their interoperability with Ethereum-compatible applications.

Targeting Move-Based Protocols and EVM Interoperability

The newly announced fund is dedicated to nurturing projects that bridge the Move network with Ethereum-compatible (EVM) applications. "The fund will invest across a range of Web3 verticals within the Move ecosystem," a spokesperson for Gate Ventures shared with the media. The investment focus will include decentralized finance (DeFi) projects that enhance security, GameFi platforms facilitating in-game asset transactions, and solutions that support interoperability for data and asset transfers between Move and EVM ecosystems.Startups benefiting from this fund will also gain access to a comprehensive mentorship program, participate in hackathons, and have the opportunity to engage in a research grant program aimed at fostering blockchain interoperability.

Enhancing the Move Programming Language Ecosystem

Movement Labs, which operates on the Move programming language initially developed by Meta (formerly Facebook), is gearing up to launch a layer-2 solution. This will facilitate seamless integration of Move and Ethereum transactions, distinguishing it from other networks like the Aptos Network that also utilize the Move language. The upcoming mainnet from Movement Labs is poised to offer advanced features such as fast-finality rollups, cross-chain atomic transactions, and customizable transaction sequencing.Recently, Movement Labs secured $38 million in a Series A funding round led by Polychain Capital, which will further support its innovative developments in the blockchain space."The ultimate goal is to create an integrated blockchain environment where developers can build across platforms without sacrificing security or performance," stated a spokesperson for Movement Labs. This vision underscores the strategic importance of supporting startups that work on enhancing both Move and the EVM ecosystem, thereby boosting liquidity and adoption among developers.

Previous Successes and Future Prospects

Movement Labs consistently fosters growth within its ecosystem. In September, the protocol revealed that startups in its accelerator programme raised $13.2 million in seed funding. Additionally, with the $20 Million Fund Launched, Movement Labs aims to secure further growth by driving investments into native DeFi protocols, consumer applications, and gaming platforms within the Move network.This new $20 million fund underscores a strong commitment to advancing the Web3 landscape, particularly by enhancing the capabilities and reach of the Move programming language and its interoperability with the Ethereum ecosystem. As these technologies evolve, Gate Ventures, Boon Ventures, and Movement Labs are working collaboratively to shape the future of blockchain technology and decentralised applications.For more insights into blockchain interoperability and investment trends, explore our detailed analysis on blockchain interoperability and stay updated with the latest developments in the crypto finance sector at Spectrum Search.