Fundraising Effort Aims at Expanding Movement Labs' Value to $3 Billion in New $100 Million Investment
Movement Labs, a Web3 company specialising in the development of the EVM-compatible Zk-powered blockchain MoveVM, is nearing the completion of a significant $100 million Series B funding round. The round, co-led by CoinFund and Nova Fund, values the company at an estimated $3 billion.
The investment, which is expected to conclude by the end of January 2025, will see investors receive a mix of equity and Move tokens. This focus on token economics is indicative of Movement Labs' commitment to digital assets.
The company's technology stack, built upon the Move programming language, is designed to improve smart contract security and reduce exploits, making blockchain transactions safer and more secure. By focusing on Layer 2 scalability, Movement Labs aims to provide faster, cheaper, and more secure transactions with fewer exploits, enhancing the overall user experience.
The company's approach typically involves leveraging Move's formal verification capabilities to minimise smart contract bugs and security issues, thereby increasing user trust and experience in blockchain technology.
Founded by Rushi Manche and Cooper Scanlon in 2022, Movement Labs has already made significant strides. In April 2024, the company announced a $38 million Series A round led by Polychain Capital. Brevan Howard's digital asset arm also participated in this round.
The fresh capital will be used to improve Movement Labs' product, expand its footprint in the Asia Pacific region, and hire an additional team. In July, the company collaborated with Up Network to launch Up Mobile, a Web3 dedicated smartphone powered by artificial intelligence.
The Series B round comes amidst a surge in interest from venture capital firms in Web3 companies. Movement Labs, with its focus on addressing two main issues in blockchain technology – user experience and smart contract exploits – is well-positioned to capitalise on this trend.
The native token $MOVE of Movement Labs was launched in December 2024 and has since seen its market capitalization double to about $2.25 billion. It is listed on major exchanges like Binance and Coinbase. The EVM-compatible layer 2 blockchain network developed by Movement Labs can handle more than 30,000 transactions per second.
As of now, no direct recent announcements on specific new technological implementations or user experience features have been made. However, the underlying platform and investment signals a continued push towards more secure and user-friendly blockchain solutions.
[1] Source: Crunchbase, CoinMarketCap, and Movement Labs' official website.
- Movement Labs, currently in the final stages of a $100 million Series B funding round, aims to distribute a combination of equity and Move tokens to investors, indicating the company's dedication to digital assets and token economics in the Web3 space.
- As a testament to the surge in interest from venture capitalists in Web3 companies, Movement Labs, which focuses on enhancing user experience and mitigating smart contract exploits, is poised to capitalize on this trend, following its significant Series B investment.
- In the future, Movement Labs, with its advanced technology stack and commitment to addressing blockchain security concerns, may see ongoing advancements in their EVM-compatible Layer 2 network, leading to an increased number of transactions and broader decentralized autonomous organization (DAO) adoption.
