**Gate Ventures and Boon Ventures Launch $20M Fund for Web3 Startups**

Venture capital firms Gate Ventures and Boon Ventures have teamed up with Movement Labs to create a new $20 million fund aimed at supporting Web3 startups. Announced on Oct. 13, the fund focuses on developing Move-based protocols and bridging them with Ethereum-compatible (EVM) applications.

Key Points:

- Investments will target decentralized finance (DeFi), GameFi, and NFT management.

- The initiative includes mentorship programs, hackathons, and research grants.

- Movement Labs, built on the Move programming language from Meta, aims to integrate Move and Ethereum transactions.

- The startup recently raised $38 million to enhance blockchain interoperability.

The goal is to foster an integrated blockchain environment, boosting liquidity and developer adoption across platforms.