Movement Labs received $100 million in a Series B funding round, expected to close at the end of January. The total company value could reach about $3 billion when completed.
The company’s MOVE token has experienced sharp price fluctuations since its launch a month ago, but developers predict a promising future for it.
Movement Labs Succeeds in Raising Capital
Movement Labs, a developer focused on L2 solutions for Ethereum, is bucking the broader fundraising trend. Over the past few months, VC funding in the crypto space has decreased, but this funding round shows that investors still believe in the future of L2 solutions.
Overall, Movement Labs has been successful in attracting prominent investments over the past months. The company also maintains active activities in the investment market, contributing capital to other promising projects.
For example, following its Series A funding round, the company made a significant contribution to Borderless Capital’s DePin Fund. In the same month, Movement also planned to target the Korean mobile game market.
Movement Labs Series B funding round begin at an unknown date, but company representatives say it will end by the end of January. The election of Donald Trump has created a strong cryptocurrency market, which is clearly a major factor in this funding round, but the company’s newly launched Token MOVE is also very important.
Since its launch in early December, MOVE has experienced sharp price fluctuations. The value of the asset increased sharply after a few days of launch but then fluctuated sharply in a short period of time. However, Movement Labs claims it will play a key role in future developments.
In a recent interview, co-founders Rushi Manche and Cooper Scanlon explained their choice to use the Move programming language in Ethereum’s blockchain infrastructure.
The pair touched on other Move-based projects and their failure to gain broad traction, which prompted Aptos CEO Mo Shaikh to step down last month. These lessons are shaping future plans.