Movement Labs already received $100 million in its round Series B funding, which will close sometime towards the end of January. The company’s total value should be around $3 billion by the time it wraps up.
The firm’s MOVE token has seen chaotic price swings since it was launched a month ago, but developers envision a promising future for it.
Movement Labs Succeeds at Fundraising
Movement Labs, a developer focusing on L2 Ethereum solutions, is bucking a few broader fundraising trends. For the past few months, VC funding in the crypto space has been declining. However, this latest funding reflects that investors are still betting on the future of L2 solutions.
Overall, Movement Labs has been successful in attracting notable investments over the past months. The firm itself has also remained active on the investment scene, contributing funding to other prospectus projects.
For example, after the firm’s Series A seed round was complete, it made substantial contributions to Borderless Capital’s DePin Fund. In the same month, Movement also made plans to target the South Korean mobile gaming market.
Movement Labs’ Series B round began at an undisclosed time, but company representatives claim it will end in late January. Donald Trump’s election has created a global crypto bull market, which was obviously a major factor in this funding round, but the firm’s recently launched MOVE token was also quite important.
Since its launch in early December, MOVE has undergone chaotic price actions. The asset’s value climbed sharply a few days after its launch but has since undergone wild swings in a very short time. Nonetheless, Movement Labs claimed it will play a crucial in future development.
In a recent interview, cofounders Rushi Manche and Cooper Scanlon explained their choice to use the Move programming language within Ethereum’s blockchain infrastructure.
The pair alluded to other Move-based projects and their failure to gain broad traction, which helped cause Aptos’ CEO Mo Shaikh to resign last month. These lessons are informing future plans.
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