- Undisclosed Investment From Binance Labs Follows
Movement's $38M Series A Funding
Round
SAN FRANCISCO, May 1, 2024 /PRNewswire/ -- Movement Labs, a
San Francisco-based blockchain
development team, today announced an investment from Binance Labs.
These investments closely follow Movement Labs' successful
$38m Series A funding round as the
company continues to gain momentum in its mission to bring 'Move
Everywhere.'
Founded in 2022, Movement is building an ecosystem of Modular
Move-based blockchains, starting with M2, the first Move Virtual
Machine L2 for Ethereum. Movement will use the funds to expand its
suite of open-source tooling, frameworks, and protocols to
facilitate the adoption of the Move programming language across
broader blockchain ecosystems. With Movement, developers can launch
secure, performant, and high-throughput Move VM rollups as easily
as they do smart contracts.
As part of its global expansion strategy, Movement Labs is
placing a strong emphasis on the Asia-Pacific (APAC) region, recognizing the
immense potential and talent within the Move development community.
The company is committed to championing and supporting Asian Move
developers, providing them with the resources, education, and
opportunities needed to showcase their exceptional work and
contribute to the growth of the Move ecosystem.
"We are thrilled to welcome Binance Labs as an investor," said
Rushi Manche, Co-Founder of Movement
Labs. "Their support and expertise will be invaluable as we
continue to execute our 'Move Everywhere' strategy, starting with a
focus on the vibrant and innovative APAC market. By empowering and
collaborating with the talented Move developers in the region, we
aim to accelerate the adoption of Move and unlock new possibilities
for the entire ecosystem."
For more information about Movement Labs and a guide to
participate in its devnet, please visit: movementlabs.xyz and
follow on X @movementlabsxyz and on Discord. Connect with us at
movementlabs.xyz to discuss global business
opportunities.
About Movement Labs:
Co-founders, Rushi Manche and Cooper
Scanlon, early builders in the Move ecosystem, founded
Movement Labs in 2022 as the first integrated blockchain network,
powering the fastest and most secure Layer 2 on Ethereum. Designed
to pair smart contract security and parallelization with EVM
liquidity and user bases, Movement is bringing the MoveVM to
Ethereum through its flagship L2 and connected rollups with the
Move Stack.
About Binance Labs
As the venture capital arm and
accelerator of Binance, Binance Labs has now grown to be worth over
$10 billion. Its portfolio covers 250
projects from over 25 countries across six continents and has a
return on investment rate of over 14X. Fifty of Binance Labs'
portfolio companies are projects that have gone through our
incubation programs. For more information, follow Binance Labs on
X.
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