Gate Ventures Movement Labs and Boon Ventures Launch $20 Million Fund to Accelerate Web3 Innovation

Gate Ventures Movement Labs and Boon Ventures Launch $20 Million Fund to Accelerate Web3 Innovation

A coalition of prominent blockchain and technology investors has announced the creation of a transformative $20 million fund aimed at advancing innovation in the Web3 space. The partnership includes Gate Ventures a global venture capital firm with expertise in blockchain Movement Labs a leading developer of Move-based blockchain technology and Boon Ventures an established investor in emerging tech startups. This strategic collaboration seeks to support groundbreaking projects and foster the development of Move-based blockchain technologies.

The fund will focus on four critical areas essential to the evolution of the Web3 ecosystem. First it aims to accelerate the adoption of Move-based blockchain solutions which are designed to enhance security and performance in decentralized networks. Second it will support projects that facilitate interoperability between Move and EVM ecosystems. Third the initiative will drive innovation in Web3 infrastructure and applications which are increasingly crucial as the sector matures.

"This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem" stated Kevin Yang Managing Partner at Gate Ventures. "By collaborating with Movement Labs and other visionary projects we are paving the way for the future of decentralized technology." This collaborative effort is viewed as a critical step in harnessing the full potential of blockchain technology and creating a more robust ecosystem.

Rushi Manche Co-Founder of Movement Labs emphasized the transformative nature of the fund stating "This $20 million fund is a game-changer for the Move ecosystem. It's a powerful validation of what we are building at Movement Labs. Move's capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders creating the future of secure decentralized finance fully on-chain gaming and decentralized physical infrastructure efforts."

Teerus Boon-Long CEO of Boon Ventures echoed these sentiments noting "This is the beginning of a great journey forward in the Web3 space. It is not aimed at short-term goals but at building a promising future for a decentralized society." The partnership capitalizes on the distinct strengths of each organization. Gate Ventures contributes extensive resources a global network and deep experience in Web3 investments fostering strategic partnerships and growth opportunities. Movement Labs brings profound expertise in Move-based blockchain technology infrastructure and ecosystem development while Boon Ventures boasts a successful track record of empowering innovative startups through funding mentorship and strategic guidance.

To achieve its ambitious goals the fund will implement several key initiatives designed to stimulate innovation and collaboration. These include organizing global hackathons aimed at attracting top talent and promoting innovation in Move-based technologies. Additionally the fund will establish a mentorship program connecting industry veterans with promising Web3 startups providing vital guidance and expertise. A research grant program will also be created to advance blockchain interoperability solutions fostering collaboration across different ecosystems. Furthermore quarterly thought leadership summits will be hosted to tackle pressing challenges in the Web3 space driving collective progress.

As the fund begins to deploy its $20 million the partners are committed to fostering innovation and propelling the Web3 space forward. They will provide regular updates on investments collaborations and the cutting-edge technologies that will shape the future of Web3 blockchain and decentralized applications.

About Gate Ventures

Gate Ventures is the venture capital arm of Gate.io one of the largest and most trusted cryptocurrency exchanges globally. The firm specializes in early-stage investments in blockchain technology and digital assets with a mission to drive innovation and foster growth across the blockchain ecosystem. By collaborating with industry leaders Gate Ventures supports visionary teams and startups with the potential to reshape social and financial interactions. As a long-term investor it is dedicated to offering comprehensive support to portfolio companies ranging from product development to global expansion.

About Movement Labs

Movement Labs is at the forefront of developing the Movement Network an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine Layer 2 for Ethereum along with open-source tools to promote Move adoption across blockchains. Backed by $38 million in Series A funding Movement Labs is focused on advancing Move-based technologies and enhancing blockchain interoperability within Web3.

About Boon Ventures

Boon Ventures is an alternative investment and advisory arm established by the Boon-Long family one of Thailand's oldest families. Since its inception in 2015 the firm has been dedicated to fostering innovative change long-term growth and sustainable value through its investment activities. Boon Ventures operates independently with a strong network and partnerships both in Thailand and globally.