Movement Labs nears completion of $100 million Series B funding

Source: Crypto Briefing

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Movement Labs is nearing completion of a $100 million Series B funding round that would value the blockchain development firm at approximately $3 billion, Fortune reported Wednesday, citing sources familiar with the deal.

The report said that a Movement spokesperson confirmed the Series B is underway but declined further comment.

CoinFund and Nova Fund, part of Brevan Howard’s digital assets division, will co-lead the round, which is expected to close by the end of January. Investors will receive a combination of equity and Movement’s Move token, with an emphasis on the token component, one source said.

The announcement comes after Movement Labs secured $38 million in a Series A round last April. The round was led by Polychain Capital, with participation from Hack VC, dao5, and Robot Ventures.

Founded by Gen Z entrepreneurs Cooper Scanlon and Rushi Manche, the San Francisco-based development team is focused on creating a layer 2 blockchain on Ethereum using Move, a programming language originally developed for Facebook’s Diem project.

Movement’s cofounders have positioned their platform as a layer 2 solution that allows developers to use the Move programming language while leveraging Ethereum’s ecosystem, distinguishing it from standalone Move-based chains like Aptos and Sui.

The platform’s beta mainnet went live last month, alongside its MOVE token, which currently trades on major exchanges including Binance and Coinbase.

The token’s market cap peaked at $2.7 billion following its launch but has since declined, currently sitting at around $2 billion, CoinGecko data shows.

The funding round comes amid renewed investor interest in crypto assets, with competitors also securing substantial capital. Monad and Berachain recently announced funding rounds of $225 million and $100 million, respectively.

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Author: Vivian Nguyen