Gate Ventures and Boon Ventures have partnered with Movement Labs for a new $20 million fund for Web3 startups. The fund targets the development of Move-based protocols and projects that bridge the gap between the Move network and Ethereum-compatible (EVM) applications.

A spokesperson for Gate Ventures said the fund will invest in a variety of Web3 verticals within the Move ecosystem. Investments will be directed toward security-focused decentralized finance (DeFi) projects, in-game asset transactions and NFT management, and interoperability solutions for data and asset transfers between the Move and EVM ecosystems.

Movement Labs is a protocol built on the Move programming language created by Meta and plans to offer a layer-2 solution that integrates Move and Ethereum transactions. The initiative aims to create an integrated blockchain environment where developers can build across platforms without compromising on security or performance.

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