Crypto VC Gate Ventures and blockchain firm Movement Labs have formed a $20 million fund. The fund, which also has the backing of Thai family office VC Boon Ventures, will focus on investing in blockchain projects specializing in Move, the programming language developed by Movement Labs.
The collaboration between Cayman Islands-registered cryptocurrency exchange Gate.io and US modular blockchain framework platform Movement Labs has resulted in the establishment of a $20 million web3 fund.
The fund will focus on investing in Move-driven blockchain technology developers and will also run web3-themed hackathons, mentoring schemes, research grant programs, and quarterly thought leadership summits.