The initiative, also backed by Thai family office VC Boon Ventures, will target blockchain projects specializing in Move, Movement Labs’ programming language.
Cayman Islands-registered cryptocurrency exchange Gate.io and US-based modular blockchain framework platform Movement Labs have teamed up for a $20 million web3 fund.
Corporate venture capital unit Gate Ventures represented Gate.io in the engagement, which also included Boon Ventures, the investment and advisory firm spun out of the Boon-Long family office in Thailand.
Launched in 2021, Singapore-based Gate Ventures has 35 active portfolio companies such as Web3 content and services provider Double Jump.Tokyo and decentralized AI technology developer Redpill AI.
Movement Labs was founded in 2017 and provides Move, a programming language for smart contracts developed by social media group Meta’s Diem project, the now-defunct stablecoin payments platform formerly known as Libra.
The anonymous fund will invest in Move-focused blockchain technology developers, involving a strategic alliance between the three investors. Additionally, it will host Web3-themed hackathons, mentorship programs, research grant programs, and quarterly thought leadership summits.
“By collaborating with Movement Labs and other visionary projects, we are leading the way in the future of decentralized technology,” Kevin Yang, managing partner at Gate Ventures, said in a statement.
“This fund will be specifically used to help builders build the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts,” added Rushi Manche (pictured), co -founder of Movement Labs.
Edison Fu
Edison Fu is a journalist and Asia liaison at Global Corporate Venturing.
