Gate Ventures, Movement Labs, Bon Ventures to launch $20M crypto fund

Venture capital firms Gate Ventures and Bone Ventures have announced a partnership with Movement Labs for a new $20 million fund dedicated to Web 3 startups.

According to the October 13 announcement, the fund will target projects based on Move-based protocols, specifically projects that connect the Move network with Ethereum-compatible (EVM) applications.

“The fund will invest in Web3 verticals within the Move ecosystem,” a spokesperson for Gate Ventures, the investment arm of crypto exchange Gate.io, told Cointelegraph.

Investments will go into decentralized finance (DeFi) projects based on security, GameFi with in-game asset transactions and non-null token (NFT) management, as well as interoperability solutions for data and asset transfers between the Move and EVM ecosystem.

Startups supported by the initiative will also participate in a mentorship program and hackathons, including the opportunity to join a research grant program for blockchain interoperability.

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Move Labs is a protocol built on the Move programming language originally created by Facebook-parent Meta. Separate from the Aptos network, which uses the Move programming language as a layer-1, Movement Labs' upcoming mainnet provides a layer-2 solution to integrate Move and Ethereum transactions.

The startup, led by Polychain Capital, has raised $38 million in Series A funding to advance rapid blockchains, cross-chain atomic transactions, and customizable transaction sequences.

So supporting startups working on both the Move and EVM ecosystem is critical to improving fluidity and adoption among developers.

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

Movement has been investing in startups to fuel its ecosystem. In September, the protocol announced that it had raised $13.2 million in seed funding through the first startups of its accelerator program.

Another $10 million has been earmarked from the Web3Port Foundation to support investments in DeFi protocols and consumer and gaming applications in the Move network.

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