Venture capital firms Gate Ventures and Boon Ventures have joined forces with Movement Labs to launch a $20 million fund dedicated to nurturing Web3 startups built on the Move programming language. This initiative marks a significant step towards fostering a more interconnected blockchain landscape.
The fund’s core focus lies in supporting the development of Move-based protocols. These protocols will primarily target projects bridging the gap between the Move network and Ethereum Virtual Machine (EVM) applications. This interoperability focus holds immense potential for expanding the reach and functionality of both ecosystems.
Investments will be strategically directed across various Web3 verticals within the Move ecosystem. Decentralized Finance (DeFi) projects, particularly those prioritizing security, will receive backing. Additionally, the fund aims to empower GameFi projects with secure in-game asset transactions and efficient NFT management solutions. Notably, the initiative prioritizes interoperability solutions that facilitate seamless data and asset transfers between Move and EVM ecosystems.
Startups receiving funding will benefit from a comprehensive support system. This includes participation in a mentorship program, access to hackathons, and the opportunity to secure research grants focused on advancing blockchain interoperability.
Movement Labs, the driving force behind this initiative, operates as a layer-2 solution built on the Move programming language, originally developed by Meta. Unlike Aptos Network, a layer-1 blockchain also utilizing Move, Movement Labs offers a unique approach. Its upcoming mainnet promises a layer-2 solution that elegantly integrates Move and Ethereum transactions.
Movement Labs recently secured $38 million in Series A funding, led by Polychain Capital. These funds will be used to advance their development of fast-finality rollups, cross-chain atomic transactions, and customizable transaction sequencing. These innovations aim to optimize scalability and security, ultimately attracting more developers to this burgeoning ecosystem.
The collective goal of these initiatives is to cultivate a unified blockchain environment. Within this environment, developers can freely build across various platforms without compromising on security or performance. This fosters a more collaborative and interconnected blockchain landscape.
Movement Labs: Investing in the Future of Move
Movement Labs’ dedication to fostering a thriving Move ecosystem is evident. In September, the first cohort of startups in their accelerator program secured a combined $13.2 million in seed funding. Additionally, another $10 million was secured from the Web3Port Foundation to support investments in native DeFi protocols, consumer applications, and game development within the Move network.
The $20 million fund from Gate Ventures, Boon Ventures, and Movement Labs is a powerful catalyst for the advancement of Web3 development within the Move ecosystem. By promoting interoperability solutions and fostering innovation, this initiative paves the way for a more integrated and user-friendly blockchain future.
