Movement Labs Secures $38M Series A Led by Polychain for Ethereum L2 Project

Apr 25, 2024, 02:56 PM

Movement Labs, a San Francisco-based startup founded by 21 and 24-year-old entrepreneurs, has successfully raised $38 million in a Series A funding round led by Polychain Capital. The company is developing Movement L2, a layer-2 Ethereum blockchain utilizing Facebook's Move programming language and integrating Celestia for data availability. The initiative aims to enhance the Ethereum ecosystem by integrating the Move Virtual Machine (MVM), facilitating secure and high-throughput transactions. The funding will support the growth of the Move ecosystem, with TIA and stTIA tokens to be available on the platform.