Polychain Capital Leads $38 Million Investment in Movement Labs to Integrate Facebook’s Move onto Ethereum
Monolithic Blockchain firm Movement Labs secured $38 million in Series A funding from Polychain Capital on April 25. The investment will support Movement Labs’ mission to introduce Facebook’s Move Virtual Machine to the Ethereum ecosystem.
According to co-founder Rushi Manche, the $38 million capital raise underscores the immense potential investors see in Movement Labs’ ability to improve the Ethereum ecosystem.
Movement Labs aims to tackle two critical challenges facing blockchain infrastructure: smart contract vulnerabilities and transaction processing limitations.
What is Movement? pic.twitter.com/XdUNh5FtAI
— Movement (@movementlabsxyz) April 25, 2024
The funding round saw participation from prominent venture capital firms like Hack VC, OKX Ventures, Placeholder, Robot Ventures, and Nomad Capital.
gmove world.
Today we are thrilled to announce our $38M Series A led by @polychain pic.twitter.com/ZNe5XiMxAn
— Movement (@movementlabsxyz) April 25, 2024
Integrating Facebook’s Move programming language to Ethereum will enable the team to enhance smart contract security and enable over 30,000 transactions per second(TPS) through its new zero-knowledge Layer 2 blockchain solution.
The Move-EVM (Ethereum Virtual Machine) compatibility layer introduced by Movement is designed to prevent common attack vectors, such as reentrancy exploits, which enable malicious parties to drain funds from smart contracts.
Movement’s approach would empower developers to deploy these verified codes fully at runtime to help mitigate vulnerabilities.
The Ethereum Layer-2 firm also plans to expand its personnel by hiring top talent across engineering, research, product development, and other key functions.
Additionally, the company will double down on its
Read more on cryptonews.com
