Movement Labs is close to closing a $100 million Series B financing round, Fortune reported, citing sources close to the deal. CoinFund and Nova Fund, part of Brevan Howard’s digital assets arm, are jointly managing the round. Movement Labs is the company behind the Binance-listed altcoin project Movement (MOVE). Despite these developments, the altcoin’s price fell sharply in line with the market decline.
Binance-listed Movement is set to receive a big investment!
San Francisco-based blockchain development firm Movement Labs is close to closing a Series B round targeting $100 million, Fortune reported, citing multiple sources close to the deal. CoinFund and Nova Fund, part of Brevan Howard’s digital assets arm, will jointly lead the round. According to sources, the Series B round will value the company at $3 billion. In addition, investors will receive a combination of equity capital and the Binance-listed altcoin project’s Move token. The project plans to close this round by the end of January. Despite this development, the Binance-listed altcoin price fell sharply. With the bearish sentiment in the market, MOVE lost about 15% on a daily basis.
Movement Labs previously raised $38 million in a Series A round led by Polychain Capital. Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5 and Aptos Labs also participated in the round for the Move programming language-based project. It also raised $3.4 million in a pre-seed funding round in 2023. Movement Labs used the Series A funding to support its mission to bring Facebook’s Move Virtual Machine to Ethereum. The project aims to address smart contract vulnerabilities through Movement zk-proof. It also aims to increase transaction throughput in this way.
Movement mainnet beta and TGE
Movement developers announced the project’s main-net beta and Move token creation event in December. The main-net beta launches the first phase of the Movement infrastructure, the providers’ follower nodes. Here, the project is deploying key components such as RPC nodes and indexers. Movement Labs co-founder Rushi Manche said earlier that although it uses Ethereum for security, the network is not a Layer 2 Blockchain and can be described more as a fast finality aggregation or a side-chain.
Movement takes the use of the Move programming language beyond the well-known Aptos and Sui Layer-1 Blockchains. Move was first developed at Meta by a team of people from Facebook’s Diem stablecoin project. Movement Labs is also developing the Move Stack, an execution layer framework compatible with rollups such as Optimism, Polygon and Arbitrum.
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