TLDR:
- Movement Labs secures $38 million in Series A led by Polychain Capital
- Company aims to bring Facebook’s Move Virtual Machine to Ethereum to enhance smart contract security and transaction throughput
Movement Labs, a blockchain development team based in San Francisco, has raised $38 million in a Series A funding round led by Polychain Capital. The company’s goal is to bring Facebook’s Move Virtual Machine to Ethereum to address smart contract vulnerabilities and improve transaction throughput. This funding will support Movement Labs’ mission to create a more secure and performant Ethereum ecosystem through its “Integrated Approach” combining modular elements.
Founded in 2022, Movement Labs aims to tackle smart contract vulnerabilities within the Ethereum ecosystem by introducing a novel execution environment designed for over 30,000 transactions per second. By leveraging a fully EVM-compatible bytecode interpreter and Ethereum for settlement, Movement Labs aims to enhance security and performance within the Ethereum ecosystem.
During the funding round, prominent venture capital firms such as Hack VC, Placeholder, Archetype, and others also participated, showcasing strong industry confidence in Movement Labs’ ecosystem. The company’s Move-EVM allows developers to deploy code that is fully verified at runtime, preventing common attack vectors like reentrancy.
Looking ahead, Movement Labs plans to introduce Move Stack, an execution layer framework compatible with various rollup frameworks, to collaborate with other Ethereum players and scale smart contract execution for users on all networks. The team’s vision is to build a flourishing ecosystem that is home to a new generation of mainstream applications through a combination of scalability, user experience, and security guarantees.
