Movement Labs raises $38 million for FB’s expansion into Ethereum
Key Takeaways
- Movement Labs has raised $38 million in Series A funding led by Polychain to integrate Facebook’s Move VM into Ethereum.
- The funding round attracted investments from several leading venture capital firms.
- Movement aims to address smart contract vulnerabilities in Ethereum and create a high-capacity execution environment.
Movement Labs, an integrated blockchain network, successfully Raised $38 million in Series A funding led by Polychain Capital.
The funds are Supports integration of Facebook’s Move Virtual Machine into Ethereum. We focus on improving smart contract security and increasing transaction speeds.
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This investment round participation from other prominent venture capital firms; Includes Hack VC, Placeholder, Archetype, and OKX.
Movement Labs founded by Rushi Manche and Cooper Scanlon in 2022 It aims to address vulnerabilities in Ethereum smart contracts and create a high-capacity execution environment. It can process over 30,000 transactions per second.
The need for this innovation was highlighted as follows: $5.4 billion lost due to smart contract abuse 2022 and 2023 will impact major protocols such as Curve and KyberSwap. Movement’s Move-EVM platform is designed to: Enables developers to deploy fully verified code at runtime. Reduces the risk of such attacks.
Manche identified the problem as follows:
The two biggest problems with current blockchain infrastructure are poor user experience and smart contract abuse.
He emphasized that the company’s mission is to accelerate innovation within cryptocurrency. Large-scale applications like Facebook can be developed on blockchain.
Additionally, Movement Labs is working on: Move Stack, an execution layer framework Compatible with various rollup frameworks from companies such as Optimism, Polygon, and Arbitrum. This initiative aims to: Enhance collaboration between Ethereum developers and standardize smart contract execution across the network through a shared sequencer.
Polychain Capital’s Bobby Beniers highlighted the unique aspects of Movement Labs’ approach.
MoveVM provides an intuitive, bug-resistant, and highly scalable developer environment. By combining these benefits with the network effects and base-layer security guarantees of the Ethereum ecosystem, Movement believes it can build a thriving ecosystem that is home to the next generation of mainstream applications.
The company is planning the following: Opening the network to users this summer, We have taken steps to set new blockchain efficiency and security standards with our innovative technology.
This funding round comes during a period of increasing venture capital interest in Web3 companies. On-chain analytics data for Q1 2024 shows a 55% surge in total Web3 investments.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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