Movement Labs, a San Francisco-based software development team, has successfully closed a $38 million funding round to propel its mission of building a layer 2 Ethereum blockchain. Led by Polychain Capital, the Series A round saw participation from prominent digital-assets-focused investors including Hack VC, dao5, and Robot Ventures.
The fundraising activity surrounding Movement Labs reflects a broader trend in the blockchain industry, with various companies securing significant investments to develop new blockchain solutions. Monad Labs recently raised $225 million to build a layer 1 blockchain, while Berachain announced a $100 million Series B for its layer 1 development efforts.
Differentiating with Facebook’s Move Language
Movement Labs aims to distinguish itself by leveraging Facebook‘s Move programming language, originally developed for the Diem stablecoin project. By incorporating Move into its layer 2 blockchain on Ethereum, Movement seeks to provide developers with enhanced security and performance capabilities.
Upcoming Milestones and Token Launch
Co-founders Rushi Manche and Cooper Scanlon revealed plans to announce Movement Labs’ devnet shortly, with a mainnet launch anticipated for late summer or early fall. The company also intends to introduce its native token, tentatively named Move, as part of its ecosystem.
Navigating the Ethereum Ecosystem
While acknowledging the proliferation of new blockchains, Movement Labs remains committed to building atop Ethereum. By utilizing Move and the Move Virtual Machine (MVM), Movement aims to offer developers a more intuitive programming language while retaining the benefits of Ethereum’s robust community support.
Expanding Reach Beyond Ethereum
In addition to Ethereum, Movement Labs plans to make its Move Virtual Machine adoptable by other blockchain networks through its Move Stack tool. The company has already received interest from various blockchain platforms, including Avalanche and Binance Smart Chain.
Movement Labs’ strategic approach of combining Facebook’s Move language with Ethereum’s ecosystem underscores its vision to bridge the gap between traditional tech giants and the blockchain space. With a focus on enhancing developer experience and fostering community collaboration, Movement sets a promising course in the competitive landscape of blockchain development.
