New $20M Fund Launched for Move-Based Web3 Startups

A new $20 million fund has been established to support Web3 startups focused on the Move programming language and enhancing interoperability with the Ethereum ecosystem.

Partnership Announcement

Venture capital firms Gate Ventures and Boon Ventures have partnered with Movement Labs to create a dedicated fund for Web3 startups. This initiative was officially announced on October 13.

Fund Objectives

• The fund aims to foster the development of Move-based protocols.

• It will particularly focus on projects that bridge the Move network with Ethereum-compatible applications (EVM).

Investment Focus

A representative from Gate Ventures, the investment arm of the crypto exchange Gate.io, stated that investments will span various Web3 verticals within the Move ecosystem. Key areas of focus include:

• Decentralized finance (DeFi) projects enhancing security.

• GameFi initiatives involving in-game asset transactions.

• Non-fungible token (NFT) management.

• Solutions for data and asset transfers between Move and EVM ecosystems.

Support for Startups

Startups that receive backing from this fund will benefit from:

• Participation in mentorship programs.

• Access to hackathons.

• Opportunities to join a research grant program aimed at blockchain interoperability.

Movement Labs Overview

Movement Labs operates on the Move programming language, which was initially developed by Meta, the parent company of Facebook. Unlike the Aptos Network, which also utilizes Move, Movement Labs is set to launch a layer-2 solution that integrates Move and Ethereum transactions.

Recent Funding and Goals

Recently, Movement Labs secured $38 million in a Series A funding round led by Polychain Capital, aimed at advancing:

• Fast-finality rollups.
• Cross-chain atomic transactions.
• Customizable transaction sequencing.

Supporting startups in both the Move and EVM ecosystems is vital for enhancing liquidity and fostering developer adoption.

Vision for the Future

A spokesperson for Movement Labs emphasized the ultimate goal of creating an integrated blockchain environment where developers can build across platforms without compromising on security or performance.

Accelerator Program Success

In September, Movement Labs announced that the first cohort of startups in its accelerator program successfully raised $13.2 million in seed funding, further indicating the growing interest in the Move ecosystem.