In an exciting development for the Web3 ecosystem, Gate Ventures, Movement Labs, and Boon Ventures have teamed up to establish a transformative $20 million fund aimed at accelerating innovation in blockchain technology. This strategic partnership marks a significant step towards enhancing the development of Move-based blockchain solutions, and it’s poised to set new standards in decentralised applications.
Unpacking the $20M Fund
The new fund will focus on four critical areas to push the boundaries of Web3 technologies:
- Accelerating Adoption: Promoting the integration of Move-based blockchain solutions.
- Enhancing Security: Improving security measures and performance within decentralised networks.
- Bridging Ecosystems: Supporting projects that connect Move and Ethereum Virtual Machine (EVM) ecosystems.
- Driving Innovation: Fostering advancements in Web3 infrastructure and applications.
Kevin Yang, Managing Partner at Gate Ventures, encapsulated the mission succinctly: “This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem.” His excitement reflects a broader trend towards collaboration in the space, aiming to create impactful, long-lasting innovations.
Insights from Movement Labs and Boon Ventures
Rushi Manche, Co-Founder of Movement Labs, highlighted the significance of this initiative: “This fund is a game-changer for the Move ecosystem. Move’s capabilities in security and scalability are setting new standards in Web3.” The funds will specifically target builders focused on:
- Decentralised Finance (DeFi)
- On-chain Gaming
- Decentralised Physical Infrastructure
Teerus Boon-Long, CEO of Boon Ventures, added, “This is just the beginning of a great journey forward in the Web3 space. It’s not about short-term goals but about building a promising future for a decentralised society.”
Leveraging Unique Strengths for Success
Each partner brings invaluable strengths to the table:
- Gate Ventures: With extensive resources and a robust global network, Gate Ventures excels in Web3 investments and strategic partnerships.
- Movement Labs: Specialises in Move-based blockchain technology and ecosystem development, laying the groundwork for innovative solutions.
- Boon Ventures: Known for empowering startups with funding, mentorship, and strategic guidance, Boon Ventures adds crucial support for the fund’s mission.
Key Initiatives to Drive Innovation
To maximise the impact of the fund, several key initiatives will be implemented:
- Global Hackathons: These events will stimulate innovation in Move-based technologies and attract top talent from around the world.
- Mentorship Programme: Connecting industry veterans with promising Web3 startups to provide essential guidance and expertise.
- Research Grants: Funding will be allocated to advance blockchain interoperability solutions, encouraging collaboration across ecosystems.
- Thought Leadership Summits: Quarterly summits will address pressing challenges in the Web3 space, fostering collective progress and discussion.
A Commitment to the Future of Web3
As the $20 million fund begins to deploy its resources, the partnership is dedicated to fostering innovation and advancing the Web3 landscape. They will provide regular updates on investments, collaborations, and cutting-edge technologies that are poised to shape the future of blockchain and decentralised applications.
About the Partners
Gate Ventures
Gate Ventures is the venture capital arm of Gate, one of the world’s largest cryptocurrency exchanges. They focus on early-stage investments in blockchain technology and digital assets, driving innovation across the global blockchain ecosystem.
- Mission: To reshape social and financial interactions through comprehensive support for visionary teams and startups.
Movement Labs
Movement Labs is at the forefront of developing the Movement Network, an ecosystem of modular Move-based blockchains. Their innovative platform simplifies the launch of high-performance Move VM rollups, bridging the gap between Move and EVM ecosystems.
- Funding: Backed by $38 million in Series A funding, they aim to enhance Move-based technologies and interoperability in Web3.
Boon Ventures
Founded by the Boon-Long family, Boon Ventures is dedicated to fostering innovative change and sustainable growth. With a strong network in Thailand and globally, they support a wide range of sectors through funding and advisory services.
Conclusion: A Bright Future for Web3
The launch of this $20 million fund signifies a pivotal moment for the Web3 ecosystem. By harnessing the unique strengths of Gate Ventures, Movement Labs, and Boon Ventures, this partnership is set to catalyse innovation and drive the development of cutting-edge blockchain solutions.
As the digital landscape evolves, initiatives like these pave the way for a more secure, decentralised future, empowering builders and innovators to shape the next era of technology.
