The initiative, also backed by Thai family office VC Boon Ventures, will target blockchain projects specialised in Move, the programming language by Movement Labs.
Cayman Islands-registered cryptocurrency exchange Gate.io and US modular blockchain framework platform Movement Labs have teamed up for a $20m web3 fund.
Corporate venture capital unit Gate Ventures represented Gate.io in the commitment, 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 decentralised 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 payment platform formerly known as Libra.
The unnamed fund will invest in Move-driven blockchain technology developers, involving a strategic alliance among the three investors. In addition, it will run web3-themed hackathons, mentoring schemes, research grant programmes and quarterly thought leadership summits.
“By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralised technology,” Kevin Yang, managing partner at Gate Ventures, said in a statement.
“This fund will specifically be used to support builders building the future of secure decentralised finance, fully on-chain gaming and consumer, as well as decentralised physical infrastructure efforts,” added Rushi Manche (pictured), co-founder of Movement Labs.
