Movement Labs Nears Completion of $100 Million Series B Funding Round
Movement Labs, a team based in San Francisco that develops a second-layer blockchain on Ethereum, announced that it is about to complete a US$100 million Series B financing with a valuation of US$3 billion. Investors will receive a combination of equity and Move tokens. This round of financing, co-led by CoinFund and Nova Fund, comes as the cryptocurrency market recovers. Movement uses the Move programming language, which was originally developed by Facebook for its Diem project. As of January 7, 2025, the market capitalization of the Move token was $2.25 billion. Movement aims to combine the strengths of Move with the Ethereum ecosystem to differentiate itself from competitors such as Aptos and Sui. It launched its mainnet beta in December and its token is currently traded on major venues such as Binance and Coinbase. one
