<img src="https://crypto.news/app/uploads/2023/11/crypto-news-Movement-Labs-announces-M204.webp” />
Movement Labs, a San Francisco-based blockchain developer, raised $38 million in a Series A funding round led by Polychain Capital.
He ethereum-302126931.html” target=”_blank” rel=””>money It is expected to support its mission to integrate facebook's Move Virtual Machine into ethereum (eth). This would address vulnerabilities in smart contracts and improve the speed of transactions, the company said.
The financing round attracted investments from renowned venture capital firms such as Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures and Aptos Labs, among others.
According to Movement Labs, between 2022 and 2023, the ethereum ecosystem experienced losses totaling more than $5.4 billion due to smart contract exploits.
The startup's Move-EVM product is designed to prevent these types of attacks by allowing developers to deploy code that undergoes real-time verification, effectively blocking attack vectors such as reentry.
Move is a Rust-based programming language developed by facebook for its Diem blockchain crypto payment project, which was discontinued in 2022.
It was designed to work on any platform and provides a framework for writing secure smart contracts used in cryptocurrencies, non-fungible tokens (nfts), and decentralized applications (apps).
Movement Labs' Busy Year
Movement Labs has been promoting Move adoption since raising a $3.4 million pre-seed round in September 2023.
Key contributors to the fund included Varys Capital, Blizzard's Avalanche Fund, dao5, Borderless Capital, and others within the Wormhole developer ecosystem.
Angel investors who participated include Chandler Song, Ryan Fang and Stanley Wu of Ankr, as well as George Lampeth of dao5 and Calvin Liu of Eigenlayer.
The pre-seed round money was also intended to introduce the Movement SDK, a tool intended to facilitate the creation of secure, high-performance Move environments for established blockchains.
Additionally, earlier this year, Movement Labs partnered with Covalent (CQT), a multi-chain indexer with integration across 225 chains, to add real-time data indexing and deployment tools, including the Covalent Unified API and the GoldRush kit, to the Movement ecosystem.
Covalent's unified API offers seamless access to real-time and historical blockchain data, making it a vital tool for ai on web3. The GoldRush Kit enhances the user experience by providing an easy-to-use interface to access and visualize historical blockchain data within the Movement Labs ecosystem.
