Gate Ventures and Boon Ventures Establish $20mn Web3 Fund

Venture capital firms Gate Ventures and Boon Ventures have partnered with Movement Labs to establish a new $20 million fund focused on supporting Web3 startups. As announced on October 13, the fund is aimed at developing Move-based protocols, with a particular emphasis on projects that bridge the Move network with Ethereum-compatible (EVM) applications. “The fund will invest across a range of Web3 verticals within the Move ecosystem,” a spokesperson for Gate Ventures, the investment arm of crypto exchange Gate.io, told Cointelegraph. The investments will be directed toward decentralized finance (DeFi) projects focusing on security, GameFi involving in-game asset transactions, NFT