BlockBeats news, October 13, according to Cointelegraph, Gate's venture capital divisions Gate Ventures and Boon Ventures announced a partnership with Movement Labs to launch a new fund focused on Web3 startups with a size of $20 million.
According to the announcement on October 13, the fund aims to promote development based on the Move protocol, especially those projects that connect the Move network with Ethereum-compatible (EVM) applications.
A spokesperson for Gate Ventures told Cointelegraph: "The fund will invest in multiple Web3 verticals within the Move ecosystem."
The investment will be used for decentralized finance (DeFi) projects, focusing on security, in-game asset trading and NFT management in GameFi, and interoperability solutions for data and asset transfers between the Move and EVM ecosystems.
Startups supported by the program will also participate in mentorship programs and hackathons, and have the opportunity to join funded projects for blockchain interoperability research.
