TLDR:
Key Points:
- Movement Labs, a blockchain developer, secured $38 million in a Series A funding round led by Polychain Capital.
- The funding will support the integration of Facebook’s Move Virtual Machine into Ethereum to enhance smart contract security and transaction speed.
Article Summary:
Movement Labs, a San Francisco-based blockchain developer, raised $38 million in a Series A funding round led by Polychain Capital to integrate Facebook’s Move Virtual Machine into Ethereum. This integration aims to address vulnerabilities in smart contracts and improve transaction speed. The funding round attracted investments from well-known venture capital firms like Hack VC, Placeholder, Figment Capital, Bankless Ventures, OKX Ventures, and Aptos Labs. Between 2022 and 2023, the Ethereum ecosystem suffered losses exceeding $5.4 billion due to smart contract exploits, which Movement Labs aims to prevent with its Move-EVM product.
Move is a Rust-based programming language developed by Facebook for its Diem blockchain project. Movement Labs secured a $3.4 million pre-seed round in September 2023 to promote the adoption of Move. The company also partnered with Covalent, a multichain indexer, earlier this year to bring real-time data indexing and deployment tools into the Movement ecosystem. Covalent’s Unified API and GoldRush Kit enhance the user experience by providing access to blockchain data and visualization tools.
