Landon Manning
8 January 2025, 17:52 GMT+0000
Mohammad Shahid
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In Brief
Movement Labs has raised $100 million in its Series B funding round. This round will wrap up by the end of January. By then, the company's value should hit around $3 billion.
The firm’s MOVE token has had some wild price swings since it launched a month ago. Still, the developers are optimistic about its future.
Movement Labs Succeeds at Fundraising
Movement Labs, which focuses on Layer 2 solutions for Ethereum, is going against some recent trends in fundraising. While VC funding in crypto has been declining lately, this latest round shows that investors still believe in the potential of Layer 2 solutions.
Movement Labs has done well in attracting significant investments over the past few months. The company has also been active in investing in other promising projects.
After completing its Series A seed round, Movement Labs made substantial contributions to Borderless Capital’s DePin Fund. In the same month, they announced plans to enter the South Korean mobile gaming market.
The Series B round started at an undisclosed time, but company representatives say it will finish in late January. The election of Donald Trump has sparked a global crypto bull market, which played a big role in this funding round. The recently launched MOVE token was also a key factor.
Since its launch in early December, MOVE has seen some chaotic price movements. Its value jumped sharply right after launching but then experienced significant ups and downs in a short time. Despite this, Movement Labs believes MOVE will be crucial for future developments.
In a recent interview, co-founders Rushi Manche and Cooper Scanlon shared why they chose to use the Move programming language within Ethereum’s blockchain. They mentioned other Move-based projects that struggled to gain traction, which contributed to the resignation of Aptos’ CEO Mo Shaikh last month. These experiences are shaping their future plans.