Blockchain Leaders Establish $20 Million Fund to Drive Web3 Innovation

Strategic Alliance for Web3 Transformation

A trio of prominent blockchain entities, Gate Ventures, Movement Labs, and Boon Ventures, has announced the creation of a pioneering $20 million fund dedicated to revolutionizing the Web3 space. The collaborative effort aims to invest in cutting-edge projects and expedite the advancement of Move-based blockchain technologies.

Key Focus Areas of the Fund

The fund will primarily focus on four key areas:

1. Accelerating the adoption of Move-based blockchain solutions
2. Enhancing security and performance in decentralized networks
3. Supporting projects that bridge Move and EVM ecosystems
4. Driving innovation in Web3 infrastructure and applications

Managing Partner at Gate Ventures, Kevin Yang, stated that the $20 million fund signifies a significant milestone in pushing forward-thinking solutions within the Web3 ecosystem. The alliance with Movement Labs and other visionary projects aims to shape the future of decentralized technology.

Rushi Manche, Co-Founder of Movement Labs, emphasized the game-changing nature of the fund for the Move ecosystem. The resources will be utilized to support the development of secure decentralized finance, on-chain gaming, and decentralized physical infrastructure efforts.

Teerus Boon-Long, CEO of Boon Ventures, highlighted that the initiative marks the beginning of a transformative journey in the Web3 space, focusing on building a promising future for a decentralized society.

Unique Strengths of Each Entity

• Gate Ventures: Extensive resources, global network, and experience in Web3 investments.
• Movement Labs: Expertise in Move-based blockchain technology and ecosystem building.
• Boon Ventures: Track record of empowering innovative startups through funding and mentorship.

Drive Towards Web3 Advancement

Various initiatives planned for the fund’s deployment include organizing hackathons, establishing a mentorship program, creating a research grant program, and hosting thought leadership summits. These initiatives aim to stimulate innovation, support startups, advance blockchain interoperability, and address challenges in the Web3 space.

The partners are committed to driving innovation and progress in the Web3 ecosystem by supporting projects that will shape the future of blockchain and decentralized applications.

About Gate Ventures

Gate Ventures is the venture capital arm of Gate.io, focused on early-stage investments in blockchain technology and digital assets to drive innovation and growth in the global blockchain ecosystem.

About Movement Labs

Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3 through the Movement Network, an ecosystem of Modular Move-Based Blockchains.

About Boon Ventures

Boon Ventures, the alternative investment and advisory arm of the Boon-Long family, aims to foster innovative change, long-term growth, and sustainable value globally.

Disclaimer: This information is not investment advice. Conduct due diligence before investing in cryptocurrency and securities.

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