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Movement Labs Secures $38M Series A for Ethereum L2 Using Meta's Move, Plans Celestia Integration

Apr 25, 2024, 02:47 PM

Movement Labs has successfully raised $38 million in a Series A funding round led by Polychain to develop Movement L2, a layer-2 Ethereum blockchain. This new blockchain will utilize Move, a programming language originally developed by Facebook, now Meta. The funding will facilitate the integration of Move Virtual Machine into the Ethereum ecosystem. Movement Labs, co-founded by two young entrepreneurs aged 21 and 24, aims to enhance the platform's capabilities by incorporating Celestia for data availability and introducing tokens such as TIA and stTIA within its ecosystem.