Movement Labs is close to completing a $100 million Series B funding round
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San Francisco-based Movement Labs is close to securing a $100 million Series B funding round led jointly by CoinFund and Nova Fund. The fresh capital will enable Movement Labs to grow its blockchain infrastructure, integrating Facebook's Move virtual machine with Ethereum.
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Movement Labs is nearing completion of a $100 million Crib funding round, valuing the blockchain development firm at roughly $3 billion, Fortune reported Wednesday, citing sources familiar with the deal.
According to the report, a spokesperson for the movement confirmed that Series B was taking place but declined further comment.
CoinFund and Nova Fund, part of Brevan Howard's digital assets division, will co-lead the round, which is expected to close in late January. Investors will receive a combination of equity and movement tokens, emphasizing the token component, a source said.
The announcement comes after Movement Labs raised $38 million in a Series A round last April. The round was led by Polychain Capital, with participation from HackVC, Dao5 and Robot Ventures.
Founded by Gen Z entrepreneurs Cooper Scanlon and Rushi Manche, the San Francisco-based development team focused on creating Layer 2 on Ethereum using the Move programming language, originally for the Facebook DEM project.
The founders of Move have positioned the platform as a Layer 2 solution while using the Ethereum ecosystem, which allows platform developers to use the Move programming language, differentiating it from independent Move-based chains such as Aptos and Suyu.
The platform's beta Minet went live last month with the MOVE token currently trading on major exchanges including Binance and Coinbase.
The token's market value increased to $2.7 billion after its launch but has since declined, currently sitting at $2 billion, according to CoinGecko data.
The funding round comes on the back of renewed investor interest in crypto assets, with competitors raising more capital. Monad and Berachain announced $225 million and $100 million in funding, respectively.
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