Key takeaways
- San Francisco-based Movement Labs is close to securing a $100 million Series B funding round led by CoinFund and Nova Fund.
- The new capital will allow Movement Labs to improve its blockchain infrastructure and integrate Facebook’s Move Virtual Machine with Ethereum.
Movement Labs is nearing completion of a $100 million Series B funding round that would value the blockchain development company at around $3 billion, Fortune reported Wednesday, citing sources familiar with the deal.
The report said a movement spokesman confirmed Series B is in the works but declined further comment.
CoinFund and Nova Fund, part of Brevan Howard’s digital assets division, will lead the round, which is expected to close in late January. Investors will receive a combination of equity and the Movement’s Move token, with an emphasis on the token component, a 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 co-founders have positioned their platform as a layer 2 solution that allows developers to use the Move programming language while leveraging the Ethereum ecosystem, setting it apart from stand-alone Move-based chains like Aptos and Sui.
The platform’s beta mainnet went live last month, along with its MOVE token, which is currently traded on major exchanges including Binance and Coinbase.
The token’s market capitalization peaked at $2.7 billion after launch but has since declined and currently stands at around $2 billion, CoinGecko data shows.
The funding round comes amid renewed investor interest in crypto-assets, with competitors also securing significant capital. Monad and Berachain recently announced funding rounds of $225 million and $100 million, respectively.
