Movement Labs Ethereum Blockchain Raises $100M at $3B Valuation for Layer 2 Technology
Movement Labs is making waves with their layer 2 blockchain for Ethereum, built on Facebook’s Move language virtual machine. They are currently in the process of raising $100 million in a Series B round, aiming for a $3 billion valuation.
Reports from Fortune and Reuters suggest that CoinFund and Nova Fund will co-lead this round, with support from Brevan Howard’s digital asset arm. Movement Labs previously raised $38 million in a Series A round and is supported by Polychain Capital and Aptos Labs.
Founded in 2022, Movement Labs focuses on addressing vulnerabilities and inefficiencies in smart contracts on Ethereum, the second-largest blockchain network after Bitcoin. Their layer 2 blockchain sits on top of the existing Ethereum network to process transactions for decentralized applications more efficiently and securely.
By leveraging Facebook’s Move programming language, Movement Labs aims to accelerate Ethereum transactions and reduce fees. They claim to reach speeds of up to 160,000 transactions per second, a significant improvement from Ethereum’s current average of 15 transactions per second.
Recently, Movement Labs launched its mainnet blockchain in beta mode, along with its MOVE token. This token is currently trading on major cryptocurrency exchanges like Binance and Coinbase. While the token’s market cap peaked at $2.7 billion, it has since settled around $2 billion.
Movement Labs is at the forefront of blockchain innovation, joining a growing list of layer 2 solutions aiming to enhance transaction speeds on Ethereum. With their unique approach and strong investor backing, Movement Labs is poised to make a lasting impact on the blockchain industry.
