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Capital investment firms Gate Ventures and Boon Ventures are partnering with Movement Labs to establish a $20 million fund aimed at supporting startups engaged in Web3 technology development. The fund will go toward projects within the Move ecosystem, including DeFi, GameFi, NFT management, and solutions for smooth data and asset transfers between Move and Ethereum systems. The goal is to create a unified blockchain environment for developers to build across platforms without security or performance compromise. The move follows Movement Labs’ recent securing of $38 million in a Series A funding round.

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Two capital investment companies, Gate Ventures and Boon Ventures, are teaming up with Movement Labs to create a $20 million fund. This fund is aimed at helping startups working on the new and upcoming Web3 technology.

Web3 is all about creating applications that work alongside the Ethereum platform. The fund’s goal is to build on the Move network, linking it with applications that are Ethereum-compatible.

The spokesperson for Gate Ventures, the investing side of the crypto exchange Gate.io, let us know that they’re planning to invest this fund in Web3 projects of various types, all within the Move ecosystem.

The projects that will benefit from this fund include decentralized finance (DeFi) projects focused on security, gaming with in-game asset transactions (GameFi) and non-fungible token (NFT) management, as well as solutions for easy data and asset transfers between Move and Ethereum systems.

Those startups that get backed by this will also get to be part of a mentorship program and hackathons – not to mention getting the chance to join a research grant program for blockchain interoperability.

Movement Labs is a protocol based on the Move programming language, originally whipped up by Facebook-parent Meta. This startup recently secured $38 million in a Series A funding round, led by Polychain Capital, to work on fast-finality rollups, cross-chain atomic transactions, and customizable transaction sequencing.

Thus, supporting those working on both Move and the Ethereum system is vital for increasing liquidity and fostering adoption among developers.

The ultimate aim? To create a unified blockchain environment where developers can build across platforms without compromising on security or performance, according to a Movement Labs spokesperson.

In order to encourage its ecosystem, Movement has been investing in startups. The first batch of startups in its accelerator program raised $13.2 million in seed funding in September.

On top of that, the Web3Port Foundation threw in another $10 million to help support investments in native DeFi protocols and consumer and gaming applications within the Move network.

Source: Cointelegraph