Blockchain technology company Movement Labs has joined forces with venture capital (VC) firms Gate Ventures and Boon Ventures to launch a multimillion-dollar fund to drive Web3 innovation.

The companies said in an October 13 press release that the strategic alliance sought to invest in cutting-edge projects and accelerate Move-based blockchain technologies, a niche Movement Labs specialized in after raising $38 million in Series A funding.

The $20 Million Fund

According to the statement, the partnership has established a $20 million fund that will concentrate on three other areas besides accelerating the adoption of Move-based blockchain solutions across the industry.

This includes supporting projects that bridge the Move network with Ethereum-compatible (EVM) ecosystems, enhancing security and performance in decentralized networks, and driving innovation in Web3 infrastructure and applications.

As part of the deal, Movement Labs will offer its infrastructure and ecosystem-building expertise while Gate Ventures leverages its global network to provide partnership and growth opportunities. At the same time, Boon Ventures’ track record in empowering successful Web3 startups will help in funding, mentorship, and strategic guidance.

Movement Labs co-founder Rushi Manche lauded the partnership, noting that the $20 million fund was a “game-changer” for the company’s ecosystem.

“It’s a powerful validation of what we're building at Movement Labs,” Manche said. “This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”

According to the statement, the fund will implement various initiatives to complement its goals. These include organizing global hackathons, creating a research grant program, and hosting quarterly thought leadership summits to discuss Web3 challenges.

Source : DailyCoin - Oct 13, 2024