PANews January 8 news, according to Fortune, Movement Labs, which focuses on Ethereum Layer 2 blockchain development, is nearing the completion of a $100 million Series B funding round, with an expected valuation of $3 billion. This round of financing is co-led by CoinFund and Nova Fund (Brevan Howard's digital asset division), and investors will receive company shares and its token Move, with a focus on the token form. Movement Labs previously completed a $38 million Series A funding round in April 2024, led by Polychain Capital. The completion of this round of financing is expected to be achieved by the end of January.
Movement is based on the Move programming language developed by Facebook, and unlike the independent public chains Aptos and Sui, it adopts a Layer 2 structure to fully leverage the Ethereum ecosystem. Its mainnet test version and Move token were launched in December 2024, with Move currently having a market capitalization of approximately $2.25 billion, nearly doubling since its launch.
