The San Francisco-based blockchain development team, Movement Labs, is preparing to finalize a $100 million investment round, given their need for additional funds during the revitalized cryptocurrency market.
According to a report from Reuters on January 8th, the valuation of the blockchain development company behind Movement – a unified blockchain system and Layer 2 solution on Ethereum (ETH) – has been set at $3 billion during their Series B funding round.
In this round of funding, the venture capital firm specializing in cryptocurrencies, CoinFund, took the lead. Alongside them, a London-based investor named Brevan Howard also participated. The investors involved in this round are anticipated to receive both shares in the company (equity stakes) and Movement tokens (MOVE tokens).
As a researcher delving into the dynamic world of cryptocurrencies, I’ve noticed an intriguing trend: The substantial fundraising round by this movement underscores a burgeoning fascination from the investment community towards crypto startups. Factors fueling this interest include a softening regulatory landscape, especially with the U.S. leaning more pro-crypto, and a generally optimistic market outlook. Additionally, macroeconomic factors such as reduced interest rates have stimulated venture capital firms to invest substantially in blockchain innovation.
For Movement Labs, the recent $100 million investment increases their total funds raised to $138 million. Back in April 2024, they concluded a Series A round, which was spearheaded by Polychain Capital and aimed at supporting the company’s endeavor to integrate Facebook’s Move programming language onto Ethereum.
Established in 2022, Movement Labs specializes in addressing issues related to smart contract vulnerabilities and boosting transaction speeds within the Ethereum network. Their blockchain solution incorporates a zero-knowledge layer 2 network, which is engineered to optimize parallel processing and strengthen smart contract security.
The business intends to employ the fresh capital for broadening its product selection, enhancing its influence within the Asia-Pacific market, and hiring additional staff. Movement, which secured $3.4 million during a pre-seed funding round in September 2023, has also unveiled its native token, MOVE.
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2025-01-08 17:58