Gate Ventures and Boon Ventures have joined forces with Movement Labs to launch a $20 million fund aimed at accelerating Web3 startups. This $20 million fund will reportedly support startups that contribute to the growth of Move-based protocols, emphasizing interoperability between the Move network and Ethereum Virtual Machine (EVM)-compatible applications.

Kevin Yang, Managing Partner at Gate Ventures, stated:

"This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem. By collaborating with Movement Labs, we're paving the way for the future of decentralized technology."

Focus Areas of the Fund

The new fund will be allocated to projects concentrating on four main areas:

• Move-Based Blockchain Solutions
  The fund will prioritize startups developing applications using the Move programming language, a system designed to enhance security and scalability within decentralized systems.

   

• Interoperability Between Move and EVM
  One of the key goals is to bridge the gap between the Move network and Ethereum-compatible applications. By improving interoperability, developers can build across platforms without sacrificing security or performance.

   

• Decentralized Networks
  Projects that focus on increasing the security and performance of decentralized systems will receive substantial support. 

   

• Web3 Infrastructure and Applications
  The fund will also target startups building foundational infrastructure for the Web3 ecosystem, which includes decentralized gaming, consumer applications, and finance.

A Combination of Expertise

According to the announcement, each partner brings something distinct to the table:

• Gate Ventures: Extensive experience in global Web3 investments, access to strategic partnerships, and a vast network.

• Boon Ventures: Proven track record of nurturing innovative tech startups.

• Movement Labs: Deep expertise in Move-based blockchain technology and infrastructure.

Through their collaboration, they seek to empower developers and startups by offering mentorship and resources vital to scaling and innovation.

Key Initiatives to Drive Progress

The $20 million fund will support several initiatives to drive innovation in the Web3 space:

• Hackathons: Global hackathons will be organized to attract talent and stimulate innovation in Move-based technologies.

• Mentorship Programs: Industry veterans will mentor startups, offering strategic guidance to accelerate their growth.

• Research Grants: Funding will be provided for research into blockchain interoperability, encouraging collaboration across different blockchain ecosystems.

• Thought Leadership Summits: Quarterly events will gather experts to address pressing issues and challenges in the Web3 industry.

The Move Ecosystem

Movement Labs has been steadily gaining momentum with its focus on Move-based solutions. The Move programming language, originally developed by Meta (formerly Facebook), has proven its capabilities in both security and scalability. 

Movement Labs recently secured $38 million in Series A funding to continue developing rollups, cross-chain transactions, and customizable transaction sequencing within the Move ecosystem.

In May, Binance Labs, the venture capital and incubation arm of Binance, invested in Movement Labs. As stated in the announcement, Movement Labs will support the Sui Move and Aptos Move platforms, as well as the embedded EVM interpreter MEVM—giving both users of Sui, Aptos, and EVM access to the L2 platform.