Movement

Thought

Partner

Gate Ventures and Boon Ventures have&nbsp;<a style="text-decoration:none" href="https://www.prnewswire.com/in/news-releases/gate-ventures-movement-labs-and-boon-ventures-launch-20m-fund-to-accelerate-web3-innovation-302274524.html">joined forces</a> 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.
<div>
 <blockquote class="twitter-tweet">
 We are excited to announce that <a href="https://twitter.com/gate_ventures?ref_src=twsrc%5Etfw">@gate_ventures</a> and Boon Ventures are launching a $20M fund for Move-based blockchain innovation! We're partnering together to accelerate the Move ecosystem and support builders creating the future of DeFi, GameFi, and cross-chain infra. <a href="https://t.co/aHW3zDAZh5">pic.twitter.com/aHW3zDAZh5</a>— Movement (@movementlabsxyz) <a href="https://twitter.com/movementlabsxyz/status/1845449161635680742?ref_src=twsrc%5Etfw">October 13, 2024</a>
 </blockquote> 
</div>
Kevin Yang, Managing Partner at Gate Ventures, stated:
<blockquote>
 "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."
</blockquote>
<h2 dir="ltr" id="span-span-focus-areas-of-the-fund-span-span">Focus Areas of the Fund</h2>
The new fund will be allocated to projects concentrating on four main areas:
&nbsp;
<ul>
 <li>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.&nbsp;</li>
 <li>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.&nbsp;</li>
 <li>Decentralized Networks Projects that focus on increasing the security and performance of decentralized systems will receive substantial support.&nbsp;&nbsp;</li>
 <li>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.</li>
</ul>
<h2 dir="ltr" id="span-span-a-combination-of-expertise-span-span">A Combination of Expertise</h2>
According to the announcement, each partner brings something distinct to the table:
<ul>
 <li>Gate Ventures: Extensive experience in global Web3 investments, access to strategic partnerships, and a vast network.</li>
 <li>Boon Ventures: Proven track record of nurturing innovative tech startups.</li>
 <li>Movement Labs: Deep expertise in Move-based blockchain technology and infrastructure.</li>
</ul>
Through their collaboration, they seek to empower developers and startups by offering mentorship and resources vital to scaling and innovation.
<h2 dir="ltr" id="span-span-key-initiatives-to-drive-progress-span-span">Key Initiatives to Drive Progress</h2>
The $20 million fund will support several initiatives to drive innovation in the Web3 space:
<ul>
 <li>Hackathons: Global hackathons will be organized to attract talent and stimulate innovation in Move-based technologies.</li>
 <li>Mentorship Programs: Industry veterans will mentor startups, offering strategic guidance to accelerate their growth.</li>
 <li>Research Grants: Funding will be provided for research into blockchain interoperability, encouraging collaboration across different blockchain ecosystems.</li>
 <li>Thought Leadership Summits: Quarterly events will gather experts to address pressing issues and challenges in the Web3 industry.</li>
</ul>
<h2 dir="ltr" id="span-span-the-move-ecosystem-span-span">The Move Ecosystem</h2>
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.&nbsp;
&nbsp;
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.
&nbsp;
In May, Binance Labs, the venture capital and incubation arm of Binance,&nbsp;<a style="text-decoration:none" href="https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-movement-labs-to-bring-smart-contract-security-and-parallelization-to-ethereum-116269849788036189">invested</a> 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.

Gate Ventures, Boon Ventures and Movement Labs to Launch a $20M Fund for Web3 Startups

Table of Contents

BSCN

Other articles published on Oct 14, 2024

Artificial Superintelligence Alliance (FET) Price Soars 123%, Eyes To Hit $2?

Bitcoin Miners Feel the Heat as Hashrate Climbs and Profits Drop

Market Trends Indicate Significant Gains for Popular Cryptocurrencies

Ancient Bitcoin whale makes another sale after the latest Bitcoin (BTC) rally

Qubetics Makes Life Easier for dApps Developers as Chainlink and XRP Brave Market Challenges

Investing in Render Token (RENDER) or GoodEgg (GEGG) - All You Need to Know

Join our free newsletter for daily crypto updates!