-- Two venture capital firms and blockchain company Movement #labs have announced the launch of a new $20 million fund.
-- Gate Ventures and Boon Ventures want to support the Move language-based protocols and the Ethereum project.
-- #investments will be made in the DeFi segment, GameFi projects and data transfer solutions between the Move and Ethereum ecosystems.
Venture capital firms Gate Ventures and Boon Ventures, with the participation of blockchain developer Movement Labs, launched an investment fund with a capital of $20 million. Its main objective is to support protocols using the Move programming language and the development of the Ethereum #ECOSYSTEM .
The parties noted that they are primarily interested in decentralized finance projects (DeFi), working on security, as well as GameFi segment with transactions of in-game assets and NFT management. In addition, the fund will invest in data and asset transfer solutions between the Move and #EVM ecosystems.
âWe intend to invest in various Web3 verticals within the Move ecosystem,â Gate Ventures said.
Company representatives stressed that the startups that will receive support will also be able to participate in hackathons and mentorship programs. Moreover, they will have a chance to join a grant initiative that will focus on research in the field of blockchain interaction.
Movement Labs is a protocol developed in the previously mentioned Move language. The project team states that the upcoming mainnet launch will offer an L2 solution for integrating Move and $ETH
Ethereum transactions.
In April 2024, the company raised $38 million in a Series A round. It was led by venture capital firm Polychain Capital with participation from Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital and other market players.
âThe ultimate goal is to create an integrated blockchain environment where developers can build different platforms without compromising security and performance,â Movement Labs said.
The Movement team stated that it invests in startups to develop its ecosystem and stimulate the crypto industry as a whole.
Recall, we wrote that the developer of L2-network Bitlayer closed a funding round for $9 million.
