Movement Labs Secures $38 Million in Series A Funding from Polychain Capital for Ethereum Ecosystem Expansion
Movement Labs Secures $38 Million in Series A Funding to Introduce Facebook’s Move Virtual Machine to Ethereum Ecosystem
On April 25, Movement Labs, a Monolithic Blockchain firm, announced that it had secured $38 million in Series A funding from Polychain Capital. This investment will support Movement Labs’ mission to introduce Facebook’s Move Virtual Machine to the Ethereum ecosystem.
Co-founder Rushi Manche expressed excitement about the funding, highlighting the potential investors see in Movement Labs’ ability to improve the Ethereum ecosystem. The company aims to address smart contract vulnerabilities and transaction processing limitations within blockchain infrastructure.
The funding round saw participation from prominent venture capital firms like Hack VC, OKX Ventures, Placeholder, Robot Ventures, and Nomad Capital. Movement Labs plans to integrate Facebook’s Move programming language into Ethereum to enhance smart contract security and enable over 30,000 transactions per second through its new zero-knowledge Layer 2 blockchain solution.
The Move-EVM compatibility layer introduced by Movement is designed to prevent common attack vectors, such as reentrancy exploits, which can drain funds from smart contracts. By empowering developers to deploy verified codes at runtime, Movement aims to mitigate vulnerabilities and enhance security.
In addition to expanding its personnel across various functions, Movement Labs will focus on enhancing its zero-knowledge-proof engineering capabilities to push the boundaries of scalability and privacy within the Ethereum ecosystem. The company’s roadmap includes a public testnet launch, Parthenon, in the coming weeks, with plans to roll out the mainnet by the end of 2024.
With this Series A funding, Movement Labs is poised to address critical issues in blockchain infrastructure and improve the user experience within the ecosystem. The company’s innovative approach to smart contract security and scalability is expected to make a significant impact in the crypto space.
