Movement Labs, a San Francisco-based blockchain development team, has recently secured $38 million in Series A funding led by Polychain Capital. The investment round involved various well-known venture capital firms such as Hack VC, Placeholder, Archetype, and Maven 11, among others who understand and trust Movement’s mission.
Founded in 2022, Movement Labs focuses on addressing smart contract vulnerabilities in the Ethereum ecosystem and introducing an execution environment capable of processing more than 30,000 transactions per second. This revolutionary Move Virtual Machine aims to enhance security and performance by preventing potential attacks like entry invariance, which have cost billions in smart contract breaches between 2022 and 2023.
Co-founder Rushi Manche stated that Movement was created to improve user experience and combat smart contract exploits within the blockchain infrastructure. By bringing Move to market in a crypto-native way, the team aims to accelerate innovation and empower developers who lack the resources for traditional development teams. Their integrated approach involves combining modular elements to enhance security and performance, ultimately paving the way for mainstream blockchain applications.
In addition to Movement L2, Movement Labs will introduce Move Stack, a compatible execution layer framework that aligns with various rollup technologies like Optimism and Polygon. The team envisions collaborating with other Ethereum players to scale smart contract execution across different networks and establish a common sequencer implementation for improved efficiency.
Polychain’s Bobby Beniers emphasized that Movement’s unique approach to scalability and user experience positions them to build a thriving ecosystem for mainstream applications on Ethereum. With a previous pre-seed funding round of $3.4 million in September 2023, Movement Labs is on track to launch its network and provide users with an intuitive, secure platform this summer.
For more information about Movement Labs and joining Devnet, visit their website at movementlabs.xyz and follow them on X @movementlabsxyz. Stay updated by joining their Discord community.
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