San Francisco-based blockchain developer Movement Labs is set to close a $100 million funding round as the company seeks new capital amid a resurgent crypto market.
The Series B round will value the blockchain developer behind Movement, a unified blockchain network and layer 2 on Ethereum (ETH), at $3 billion, Reuters reported is Jan. 8.
The venture capital firm led crypto-focused CoinFund, with participation from London-based investor Brevan Howard. Investors in the round are expected to receive both an equity commitment and a transfer (RECOMMENDATION) symptoms.
A significant capital increase is a trend that shows a growing interest from the investment world in crypto startups. Key drivers include easing regulatory pressure, particularly as the US embraces a more pro-crypto environment, along with bullish market sentiment. Macro factors such as interest rate cuts have also encouraged venture capital firms to support blockchain innovation with large investments.
For Movement Labs, the $100 million funding adds to the $38 million it raised in April 2024. At the time, the Series A round, led by Polychain Capital, aimed to finance the company's initiative to bring Facebook's transfer language to Ethereum.
Founded in 2022, Movement Labs focuses on solutions to smart contract vulnerabilities and improving transaction throughput within the Ethereum ecosystem. Its blockchain offering includes a layer 2 knowledgeless network designed to enhance parallelization and smart contract security.
The company plans to use the new funding to expand its product offering, grow its presence in the Asia-Pacific region, and hire new talent. Move previously raised $3.4 million in a pre-seed round in September 2023 and recently launched their native token, MOVE.
