The cryptocurrency market, especially the Ethereum ecosystem, is all set to get a boost from a new crypto fund that seeks to foster interoperability with the Move programming language. The new $20 million crypto fund is launched by joint efforts by Tel-Aviv-based finance advisory firm Gate Ventures, move-based blockchain services Movement Labs, and Thailand’s Boon Ventures.
The three companies announced their collaborative investment on October 13. “The fund will invest across a range of Web3 verticals within the Move ecosystem,” said a spokesperson from Gate Ventures. It aims to bridge the gap between Ethereum-compatible (EVM) applications by focussing on various Web3 verticals in the Move ecosystem.
The crypto fund will emphasise non-fungible tokens (NFTs), decentralized finance (DeFi), GameFi, and interoperability solutions, making it a milestone initiative in the blockchain evolution. Gate Ventures' move to invest in this crypto fund is in line with the ongoing global trend of VCs diversifying their blockchain investments beyond traditional cryptocurrencies.
Meanwhile, Movement Labs, a partner of this initiative, developed a Move programming protocol, which initially came from Meta. The company secured $38 million in Series A funding led by Polychain Capital. Through this investment, the company is trying to boost customisable transaction sequencing and cross-chain atomic transactions for its upcoming layer 2 blockchain solution.
The new crypto fund launch comes at a time when the Move ecosystem is gaining momentum, with a total value of move-based protocols going over $100 million last year. It underlines the rising acceptance of Move as a programming language for blockchain development.
It will also tackle the interoperability challenge of the cryptocurrency blockchain, with reports indicating that the market could unlock $150 billion by 2025 from cross-chain interconnectivity, which is receiving an industry-wise push currently. The comprehensive approach of this crypto fund to nurture startups with access to research grants, hackathons, and mentorship programs is similar to those seen in other blockchain ecosystems like that of Binance Labs.