As an analyst with extensive experience in the cryptocurrency and blockchain sector, I find this partnership between Gate Ventures, Boon Ventures, and Movement Labs to be a strategic move that could potentially shake up the Web3 landscape.
The venture capital companies, Gate Ventures and Boon Ventures, have joined forces with Movement Labs to launch a fresh $20 million investment fund focused on supporting Web3 startup ventures.
As per a declaration made on October 13th, this particular fund is focused on fostering the advancement of Move-centric protocols, particularly those that facilitate integration between the Move network and Ethereum Virtual Machine (EVM) compatible applications.
According to a representative from Gate Ventures, which is connected to the cryptocurrency platform Gate.io, they plan on allocating their funds towards various sectors linked with Web3 within the Move ecosystem.
Funding will be allocated to Decentralized Finance (DeFi) initiatives that focus on improving security, GameFi platforms facilitating in-game asset trades, and Non-Fungible Token (NFT) administration, as well as technologies enhancing data and asset transfer compatibility between Move and EVM systems.
In addition to being supported by this initiative, startups will engage in a mentorship scheme and hackathon events. Moreover, they may qualify for a research collaboration program focused on blockchain interoperability.
Movement Labs is a protocol built utilizing the Move programming language, initially developed by Meta (formerly known as Facebook). Unlike Aptos Network, another platform that also employs the Move programming language at its base, Movement Labs’ upcoming mainnet will deliver a layer-2 solution for seamlessly connecting Move and Ethereum transactions.
In their most recent funding round, the startup successfully secured $38 million, which was primarily headed by Polychain Capital. This investment will be used to further develop technologies such as quick-confirmation rollups, interconnected chain transactions that occur simultaneously, and transaction sequencing that can be tailored to specific needs.
Consequently, backing startups that are active in both Move and Ethereum Virtual Machine (EVM) environments is essential for enhancing liquidity and developer acceptance.
A representative from Movement Labs emphasized that the aim is to establish a unified blockchain ecosystem, allowing developers to construct applications across multiple platforms, all while maintaining optimal security and speed.
Movement has been pouring resources into new businesses to stimulate its environment. In September, it revealed that the initial group of startups participating in its incubation program successfully secured $13.2 million in early-stage investment for their ventures.
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2024-10-13 19:04