According to Odaily Planet Daily, Movement Labs, which focuses on building Ethereum L2 blockchain, announced the completion of a $38 million Series A financing round, led by Polychain Capital, with participation from Hack VC, dao5 and Robot Ventures. Movement Labs co-founders Rushi Manche and Cooper Scanlon said they hope to build the first second-layer blockchain using Move on Ethereum. In addition, the company also plans to launch its own token, tentatively named MOVE.