Gate Ventures, Movement Labs, and Boon Ventures Unite to introduce $20M Crypto Innovation Fund

New $20M Fund to enhance Move Protocols and Ethereum Interoperability”

Venture capital firms Gate Ventures and Boon Ventures have teamed up with a Movement Labs to launch a new $20 million crypto innovation fund aimed at supporting to Web3 startups.

Announced on Oct 13th, the fund is specifically focused on the development of Move-based protocols, with an emphasis on projects that bridging the Move network with Ethereum-compatible (EVM) applications.

A representative from Gate Ventures, the investment arm of crypto exchange Gate.io, stated that the investment will target across a range of Web3 sectors within the Move ecosystem.

Investments will go toward decentralized finance (DeFi) projects focused enhancing security, GameFi initiatives involving with in-game asset transactions and non-fungible token (NFT) management, as well as solutions that improve interoperability for seameless data and asset transfers between the Move and EVM ecosystems.

Movement Labs: Associating Move and Ethereum with a Layer-2 Solutions for a Scalable Blockchain Ecosystem

Movement Labs is a protocol built using the Move programming language, which was originally developed by Meta, Facebook’s parent company.Unlike the Aptos Network, a layer-1 blockchain that also utilizes the move language, Movement Labs’s upcoming main net will provide a layer-2 solution designed for integrate both Move and Ethereum transactions, amplify cross-chain functionality between the two ecosystems.

Movement Labs recently secured $38 million in a Series, a funding round, led by Polychain Capital. The fund will be used to further develop fast-finality rollups, enable cross-chain atomic transactions, and enhance customizable transaction sequencing, all aimed at enhancing scalability and interoperability within the blockchain eco system.

Movement Labs Accelerates Ecosystem Growth with $23.2M in supporting for Web3 Startups and DeFi Investments

The ultimate goal is to create an integrated blockchain environment where developers can build seamlessly across platforms without compromising security or performance,” said a spokesperson for Movement Labs.

Movement has been actively investing in startups to accelerate the growth of its ecosystem. In September, the protocol revealed that the first group of startups in its accelerator program collectively raised $13.2 in seed funding.

Additionally, another $10 million was secured from the Web3Port Foundation to further support investments in native DeFi protocols, as well as consumer and gaming applications within the Move network.

With strategic partnerships and meaningful investments, Movement Labs is positioning itself at the forefront of blockchain innovation, made- up the way for a more joined, secure, and scalable Web3 ecosystem.