Two venture capital firms, viz. Gate Ventures and Boon Ventures have teamed up with a blockchain firm to launch a crypto fund and drive innovation in the space.
Movement Labs, a leading blockchain firm, has partnered with two venture capital firms to launch a crypto fund. Boon Ventures and Gate Ventures, the two investment firms, will support the $20 million crypto fund. A press release by Gate Ventures underlined the fund’s vision and goal of steering innovation in the crypto space.
The press release highlighted four key areas of focus. The first would be helping accelerate Move-based blockchain solutions. It would also support crypto projects that work on bridging EVM and Move ecosystems. The fund would also pilot further innovation in web3 applications and solutions and the security and performance of decentralized networks.
“This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts,” said the co-founder of Movement Labs, Rushi Manche.
Representatives of both the venture capital funds also spoke positively about the potential of the new fund. Moreover, the partnership is a combination of expertise of all three participants. While Movement Labs is a pioneer in Move-based blockchain solutions, the other two have extensive prior experience in funding web3 startups and projects in other domains.
Apart from funding, the collaborative effort will also organize hackathons, leadership summits, mentorship programs, and a research grant for potential candidate projects. In other words, it is a comprehensive endeavor to guide crypto projects and startups towards growth and innovation.
Enjoyed reading this report? Then head to Blockverse to read other blogs and news reports tracking the crypto sector!
