- Undisclosed Investment From Binance Labs
Follows Movement's $38M Series A
Funding Round
SAN
FRANCISCO, May 1, 2024 /CNW/ -- 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.'
Binance Labs' support and
expertise will be invaluable as we continue to execute our 'Move
Everywhere' strategy.
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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SOURCE Movement Labs