$20 Million Fund Launched to Propel Web3 Innovation by Gate Ventures, Movement Labs, and Boon Ventures

Gate Ventures, Movement Labs, and Boon Ventures have launched a $20 million fund to accelerate Web3 innovation, focusing on Move-based blockchain technologies.

Gate Ventures, Movement Labs, and Boon Ventures have announced the launch of a $20 million fund aimed at accelerating innovation in the Web3 space. This strategic partnership will focus on investing in cutting-edge projects and enhancing the development of Move-based blockchain technologies.

Key Takeaways

  • Investment Focus: The fund will target four main 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, and 4) Driving innovation in Web3 infrastructure and applications.
  • Strategic Collaboration: The partnership combines the strengths of Gate Ventures, Movement Labs, and Boon Ventures to create a robust ecosystem for Web3 development.
  • Future Initiatives: Plans include organizing global hackathons, establishing mentorship programs, creating research grants, and hosting thought leadership summits.

Overview of the Fund

The newly established fund is a significant milestone in the mission to drive forward-thinking solutions in the Web3 ecosystem. Kevin Yang, Managing Partner at Gate Ventures, emphasized the importance of collaboration in paving the way for decentralized technology.

Rushi Manche, Co-Founder of Movement Labs, described the fund as a game-changer for the Move ecosystem, highlighting its potential to support builders in decentralized finance, on-chain gaming, and decentralized infrastructure.

Teerus Boon-Long, CEO of Boon Ventures, expressed optimism about the long-term vision of the fund, stating that it aims to build a promising future for a decentralized society rather than focusing on short-term gains.

Unique Strengths of the Partners

The partnership leverages the unique strengths of each entity:

  • Gate Ventures: Offers extensive resources, a global network, and deep experience in Web3 investments.
  • Movement Labs: Provides expertise in Move-based blockchain technology and ecosystem building.
  • Boon Ventures: Has a successful track record of empowering innovative startups through funding and mentorship.

Key Initiatives Planned

To achieve its goals, the fund will implement several initiatives:

  1. Global Hackathons: To stimulate innovation in Move-based technologies and attract top talent.
  2. Mentorship Program: Connecting industry veterans with promising Web3 startups for guidance.
  3. Research Grant Program: Advancing blockchain interoperability solutions to foster collaboration.
  4. Thought Leadership Summits: Addressing pressing challenges in the Web3 space and driving collective progress.

Commitment to Innovation

As the fund begins to deploy its $20 million, the partners are dedicated to fostering innovation and advancing the Web3 space. They will provide updates on investments, collaborations, and technologies that will shape the future of blockchain and decentralized applications. This initiative marks a significant step forward in the evolution of Web3, promising to enhance security, scalability, and user experience in decentralized networks.

Sources

  • [ Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation

| The Manila Times ](https://www.manilatimes.net/2024/10/13/tmt-newswire/pr-newswire/gate-ventures-movement-labs-and-boon-ventures-launch-20m-fund-to-accelerate-web3-innovation/1983681), The Manila Times.

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