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$20 Million Backing for Web3 Startup! Movement Labs Teams Up with Gate to Drive Cross-Chain Compatibility

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$20 Million Backing for Web3 Startup! Movement Labs Teams Up with Gate to Drive Cross-Chain Compatibility

The venture capital company Gate Ventures recently announced on Twitter that it has partnered with Movement Labs and Boon Ventures to establish a new startup fund focused on Web3, with a total amount of up to 20 million dollars.

Enhancing Move Project and Ethereum EVM Interoperability, Strong Support for Startups

Gate stated that the fund's main purpose is to support projects developed in Move programming language and enhance interoperability with the Ethereum EVM. In the future, investments will also be made in DeFi, GameFi, NFT, and various cross-chain projects.

Gate mentioned that startups supported by the fund can participate in mentorship programs, hackathons, and have the opportunity to join a research funding program focusing on blockchain interoperability. Movement Labs stated that their goal is to establish a platform that integrates different blockchains, allowing developers to easily build applications on multiple blockchains while ensuring system security and performance are not compromised.

Move Language System Blockchain Movement Labs

Movement Labs is a protocol based on the Move programming language. The Move language was originally created by Meta, Facebook's parent company, and is now used in many blockchains such as Aptos and Sui. The Movement Chain developed by Movement Labs focuses on integrating Move with the Ethereum EVM and enhancing cross-chain interoperability as a Layer 2 solution.

Main Objectives

  • Achieving Blockchain Interoperability: Movement Chain focuses on creating a Layer 2 blockchain compatible with Ethereum EVM, enabling interoperability between the Move programming language and the Ethereum ecosystem. Developers can leverage the advantages of Move and EVM without compromising security and performance.
  • Enhancing Security and Performance: By introducing the high-security design of the Move language, the risk of smart contract attacks is reduced, providing an environment faster and more secure than traditional Ethereum, suitable for high-throughput applications.
  • Attracting Developers and Accelerating Ecosystem Growth: Movement Labs is dedicated to attracting EVM developers to join the ecosystem, offering various acceleration programs, hackathons, and research funding to support startups and developers in building applications on Move.

In-depth Analysis of Movement Chain: The first MOVE language-based EVM L2 on Ethereum