Gate Ventures has just announced a new $20 million fund. This fund aims to drive innovation in the Web3 space. They are partnering with Movement Labs and Boon Ventures to make this happen.

So, what’s the goal? The fund will invest in exciting projects that focus on blockchain technology using the Move programming language. This collaboration is all about pushing forward decentralized ecosystems.

Kevin Yang, the Managing Partner at Gate Ventures, said, “This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem.” He believes that working with Movement Labs and other visionary projects will help shape the future of decentralized technology.

The fund will focus on four key areas:

  • Accelerating the adoption of Move-based blockchain solutions
  • Improving security and performance in decentralized networks
  • Supporting projects that connect Move and Ethereum Virtual Machine (EVM) ecosystems
  • Fostering innovation in Web3 infrastructure and applications

This partnership combines the strengths of each organization. Gate Ventures brings a wealth of resources and a global network. They have deep expertise in Web3 investments. Movement Labs contributes specialized knowledge in Move-based blockchain technology. Boon Ventures adds its success in helping startups through funding and mentorship.

To achieve these goals, the fund will launch several initiatives. They plan to organize global hackathons to spark innovation in Move technologies and attract top talent. They will also create a mentorship program to connect industry experts with promising Web3 startups. Additionally, there will be a research grant program aimed at improving blockchain interoperability and encouraging collaboration across ecosystems. Finally, they will host quarterly leadership summits to tackle key challenges in the Web3 space.

Gate Ventures, the venture capital arm of Gate.io, focuses on early-stage investments in blockchain and digital assets. Recently, they invested in double jump.tokyo, a Web3 gaming company based in Japan. They also participated in Space and Time's Series A funding round, further expanding their portfolio.