PANews reported on January 8 that according to Fortune, Movement Labs, which focuses on the development of Ethereum Layer 2 blockchain, is close to completing a $100 million Series B financing, with an estimated valuation of $3 billion. This round of financing is jointly led by CoinFund and Nova Fund (Brevan Howard Digital Asset Division), and investors will receive company shares and its token Move, with the focus on the token form. Movement Labs previously completed a $38 million Series A financing in April 2024 , led by Polychain Capital. The completion of this round of financing is expected to be achieved at the end of January.
Movement is based on the Move programming language developed by Facebook. Different from independent public chains Aptos and Sui, it adopts Layer 2 structure and makes full use of the Ethereum ecosystem. Its mainnet beta version and Move token were launched in December 2024. Move's current market value is about US$2.25 billion, which has nearly doubled since its launch.
