Venture capital firms Gate Ventures and Boon Ventures have collaborated with Movement Labs to establish a new $20 million fund aimed at supporting Web3 startups. The fund will focus on developing Move-based protocols, particularly those connecting the Move network with Ethereum-compatible applications. Gate Ventures, the investment arm of crypto exchange Gate.io, revealed that the fund will invest in various Web3 sectors within the Move ecosystem, including DeFi, GameFi, NFT management, and interoperability solutions. Startups backed by the fund will receive mentorship, participate in hackathons, and have access to a research grant program for blockchain interoperability. Movement Labs, a protocol built on the Move programming language, recently raised $38 million in a Series A funding round to enhance cross-chain transactions and transaction sequencing. By supporting startups in both the Move and EVM ecosystems, the goal is to create a seamless blockchain environment for developers. Read more AI-generated news on: https://app.chaingpt.org/news