Gate Ventures and Boon Ventures have teamed up with Movement Labs to launch a new $20 million fund to support Web3 startups. Recently announced, this fund will go forward with developing protocols based on the Move programming language. It will particularly support projects that connect the Move network with Ethereum-compatible applications.
A representative from Gate Ventures, the investment branch of the crypto exchange Gate.io, shared that the fund plans to invest in various Web3 sectors within the Move ecosystem. The investments will focus on decentralized finance (DeFi) projects aimed at enhancing security, GameFi initiatives that involve in-game asset transactions, and the management of non-fungible tokens (NFTs).
Additionally, they will support solutions that promote seamless data and asset transfers between the Move ecosystem and Ethereum Virtual Machine (EVM) platforms. Startups supported by this initiative will have the chance to join a mentorship program and participate in hackathons. Moreover, they can apply for a research grant program focused on blockchain interoperability.
Movement Labs’ investment in startups
Movement Labs is a protocol built on the Move programming language, which was initially developed by Meta, Facebook’s parent company. It is set to launch a layer-2 solution. Unlike the Aptos Network, a layer-1 solution that utilizes the Move language, Movement Labs aims to facilitate integrating Move and Ethereum transactions.
The startup recently secured $38 million in a Series A funding round, with Polychain Capital leading the charge. This funding will help the company push forward with faster transaction rollups, smoother cross-chain transactions, and more easy transaction sequencing.
Meanwhile, it’s important to back startups focusing on both the Move and EVM ecosystems. Doing so will play a key role in boosting developer engagement and improving liquidity in the space. A spokesperson for Movement Labs said:
The ultimate goal is to create an integrated blockchain environment where developers can build across platforms without sacrificing security or performance.
Movement has been actively investing in startups to boost its ecosystem. In September, the protocol revealed that the initial group of startups in its accelerator program raised $13.2 million in seed funding. Additionally, they secured another $10 million from the Web3Port Foundation to support investments in native DeFi protocols and consumer and gaming applications within the Move network.
