Originally published on: October 13, 2024
In an exciting collaboration, venture capital firms Gate Ventures and Boon Ventures have teamed up with Movement Labs to introduce a groundbreaking $20 million fund dedicated to supporting Web3 startups.
The fund, unveiled in an announcement on October 13th, aims to bolster the development of Move-based protocols, with a particular focus on projects that bridge the Move network with Ethereum-compatible (EVM) applications.
A spokesperson for Gate Ventures, the investment arm of leading crypto exchange Gate.io, revealed, “The fund will target various Web3 verticals within the Move ecosystem, providing crucial support for innovative startups in the space.”
Funding from the initiative will be directed towards decentralized finance (DeFi) projects working on enhancing security, facilitating in-game asset transactions for GameFi, managing non-fungible tokens (NFTs), and creating interoperability solutions for seamless data and asset transfers between Move and EVM ecosystems.
Startups selected for investment will not only receive financial support but also gain access to mentorship programs, hackathons, and a research grant program focused on blockchain interoperability.
Movement Labs, a protocol built on the Move programming language originally developed by Meta (formerly Facebook), offers a unique layer-2 solution for integrating Move and Ethereum transactions. The upcoming mainnet promises to deliver fast-finality rollups, cross-chain atomic transactions, and customizable transaction sequencing, providing a significant technological advantage.
With a recent Series A funding round raising $38 million and support from top investors like Polychain Capital, Movement Labs is well-positioned to drive innovation in the blockchain space. By nurturing startups within both the Move and EVM ecosystems, the initiative aims to enhance liquidity and adoption among developers.
As a spokesperson for Movement Labs highlighted, “Our ultimate goal is to establish an integrated blockchain environment where developers can seamlessly build across platforms while prioritizing security and performance.”
Investing in startups has been a key strategy for Movement Labs to expand its ecosystem. Earlier this year, the protocol announced the success of its accelerator program, with the first batch of startups securing $13.2 million in seed funding. Additional funding from the Web3Port Foundation will further support investments in native DeFi protocols, consumer applications, and gaming applications within the Move network.
This collaboration marks a significant milestone in the crypto industry, setting the stage for a new wave of innovation and growth within the Web3 space. Watch this space for more updates on this exciting venture!
