• A $20M fund aims to accelerate Web3 startups using the Move language, focusing on DeFi, GameFi, and interoperability solutions.
  • Movement Labs, Gate Ventures, and Boon Ventures are driving innovation by bridging Move-based protocols with Ethereum ecosystems.
  • The initiative includes hackathons, mentorship, and grants to support blockchain growth and foster cross-ecosystem collaboration.

Funding for Web3 entrepreneurs has been established by Movement Labs, Gate Ventures, and Boon Ventures, totaling $20 million. This fund will focus on projects using the Move programming language and protocols that bridge Move-based networks with Ethereum-compatible applications . Interoperability solutions, DeFi, and GameFi are important industries to gain from this.

The project will offer grants for research, hackathons, and mentoring. This strategy seeks to improve decentralized networks, promote blockchain interoperability, and quicken Web3 technology advancement.

🤝 @movementlabsxyz , @gate_ventures and Boon Ventures have partnered to launch a $20 million fund aimed at supporting #Web3 startups.

The fund will focus on protocols using the Move programming language, especially those bridging the Move network with Ethereum-compatible… pic.twitter.com/IoMDeKVgxc

— Satoshi Talks (@Satoshi_Talks) October 13, 2024

Accelerating Web3 Innovation

The collaboration between Movement Labs, Gate Ventures, and Boon Ventures is important for the future of blockchain. Movement Labs, known for its expertise in Move-based technology, aims to push Web3 infrastructure to the next level. 

Gate Ventures contributes its vast resources and international network as well, making this cooperation a potent force for Web3 progress. Meanwhile, by supporting up-and-coming tech businesses, Boon Ventures keeps proving its dedication to innovation.

Moreover, this fund focuses on bridging the Move and Ethereum ecosystems, emphasizing interoperability. As a result, asset and data transfers across networks will become more seamless, driving broader adoption of decentralized applications.

Mentorship and Hackathons to Drive Growth

The partners are launching global hackathons to attract top talent and innovative ideas. Moreover, a mentorship program will connect promising startups with seasoned industry veterans, offering them strategic guidance. This multi-faceted approach will foster talent while creating robust solutions for the future of Web3.

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Besides, a research grant program will help advance blockchain interoperability , fostering collaboration across ecosystems. Consequently, these efforts are expected to drive the development of decentralized finance, on-chain gaming, and infrastructure projects.

The Future of Move-Based Blockchain

Rushi Manche, Co-Founder of Movement Labs, called the fund a “game-changer,” highlighting its potential to reshape the blockchain. This initiative is laying the foundation for a decentralized future, which supports decentralized physical infrastructure and aims to achieve long-term goals.

In order to see Web3 technology widely used, the $20 million fund is important. It’s well-positioned to spur innovation and transform the decentralized scene by promoting cooperation across Move and ecosystems that are Ethereum-compatible.

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