Gate Ventures, Boon Ventures, and Movement Labs partner to create $20M fund to support Web3 innovation, focusing on Move-based blockchain and Ethereum interoperability.
Venture capital firms Gate Ventures, Boon Ventures, and Movement Labs partnered to create a new $20 million fund designed to support Web3 startups. The fund, announced on October 13, 2024, will primarily focus on projects that build on Move-based blockchain protocols. Additionally, it aims to support ventures that bridge the Move network with Ethereum-compatible applications. This is a crucial step towards increasing interoperability within the blockchain space.
Gate Ventures is a global leader in blockchain investment, and Movement Labs, renowned for its expertise in move-based blockchain technology, is the main driver behind this fund. The firm Boon Ventures has invested in many successful tech startups. It takes its skills in financing and coaching to the partnership. Both collectively, to boost the development and usage of decentralized solutions within the Web3 environment.
The fund will aim to focus on four sectors of development. First, it will be to scale up the promotion of Move-based blockchain solutions. Second, it seeks to improve security and efficiency in decentralized networks. Third, the fund will be used to integrate the Move network with the EVM worlds. Finally, it will promote the development of Web3 infrastructure and applications; it will help to create the basis for a more stable, decentralized future.
New $20M Fund Aims to Drive DeFi, Gaming, and Infrastructure in Web3
According to Kevin Yang, the managing partner at Gate Ventures, this partnership is a huge milestone to help push Web3 solutions further. Rushi Manche, co-founder of Movement Labs, noted that the fund can help advance DeFi, gaming, and infrastructure while prioritising security and scalability. Teerus Boon-Long is the CEO of Boon Ventures. He stated that this fund is not about short-term and quick wins but about establishing a long-term and revolutionary vision of society.
For this purpose, the fund will promote global hackathons to encourage the development of Move-based technologies. It will also set up a mentorship program to link experienced professionals in the field with new businesses. A new type of research grant program will address the issues of blockchain system integration and cooperation between them. Also, the partners intend to organize quarterly thought leadership events to discuss relevant issues and advance development in the Web3 sector.
This new $20 million fund is poised to make a big bet on Web3, as it has a clear vision of its goal. These venture firms aim to fund innovative technologies and advance decentralized and blockchain applications.
