Officially, venture finance companies Gate Ventures and Boon Ventures have teamed with Movement Labs to create a new $20 million fund meant to spur Web3 innovation. Declared on October 13, this strategic alliance is meant to encourage initiatives using the Move programming language and enable interoperability with Ethereum-compatible networks.
This fund’s main goals are to hasten Move-based protocol development and build links between Move network and EVM applications. Particularly after effectively obtaining $38 million in Series A money, which has positioned Movement Labs as a leader in Move-based blockchain technology, the business has developed a specialty in this field.
The fund will aim its investments toward many important areas, including distributed finance (DeFi) projects that give security first priority, GameFi efforts emphasizing in-game asset transactions, and creative ideas for data and asset transfer interoperability. Startups chosen for financing will also have access to research grant projects aiming at improving blockchain interoperability, mentorship programs, and hackathons.
Building a vibrant environment that enables developers to create apps without compromising security or speed is a mission of Movement Labs. Supporting initiatives aiming at Move’s integration with Ethereum helps the project to increase liquidity and encourage more general acceptance among developers.
The fund intends to arrange worldwide hackathons and quarterly thought leadership conferences in order to achieve its objectives and foster a cooperative atmosphere whereby business leaders may address issues and trends in the Web3 domain. For distributed technologies, this cooperation marks a major turning point as it emphasizes the possibility to transform several sectors with creative blockchain solutions.
