San Francisco-based blockchain development team Movement Labs announced on Thursday that it has secured $38 million in Series A funding to further its efforts in integrating Facebook’s Move language virtual machine into Ethereum. This strategic move aims to address security and scalability issues within the blockchain sector.
The funding round, led by Polychain Capital, involved the participation of various venture capital firms including Hack VC, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, and others. Additionally, support was provided by Aptos Labs, an early adopter of the Move programming language.
Founded in 2022, Movement Labs is dedicated to resolving vulnerabilities in smart contracts within the Ethereum ecosystem, the second-largest blockchain network following Bitcoin in terms of usage and market capitalization. The company aims to introduce an advanced execution environment capable of handling up to 30,000 transaction executions per second, a significant improvement from Ethereum’s current average of 20 to 30 transactions per second.
Move, a programming language created by Facebook (now Meta Platforms Inc.), was originally developed for the discontinued Diem blockchain crypto payment project in 2022. Built on Rust, Move was designed to be platform-agnostic, providing a secure framework for creating smart contracts that support self-executing agreements involving cryptocurrencies, tokens, digital assets, and decentralized applications.
Smart contracts are vulnerable to substantial losses due to minor vulnerabilities. Between 2022 and 2023, hackers exploited such weaknesses in blockchain applications, resulting in approximately $4 billion in token and crypto thefts, as reported by Chainalysis. By integrating Move with a fully verified code runtime, developers can gain increased confidence in the security of their code.
Rushi Manche, Co-founder of Movement Labs, emphasized, “The two primary challenges in blockchain infrastructure currently are poor user experience and smart contract vulnerabilities. My co-founder, Cooper Scanlon, and I initiated Movement to accelerate innovation in crypto, enabling developers without extensive resources or costly auditors to build the next Facebook-like platform on-chain.”
Acknowledged for its association with the Aptos blockchain, Move plays a critical role in the blockchain project developed by Aptos Labs, established by former Meta employees with the goal of revitalizing the technology. Leveraging Move, Movement Labs is developing a layer 2 blockchain for Ethereum to process transactions off-chain, enhancing speed and throughput before transmitting them to the Ethereum blockchain using a “rollup framework.”
Bobby Beniers from Polychain commented, “While most other rollup teams primarily focus on scalability, Movement’s key insight is that scalability alone is not the sole factor hindering mass adoption. The Move virtual machine offers an intuitive and bug-resistant developer experience, coupled with high scalability. By combining these advantages with the network effects and foundational security guarantees of the Ethereum ecosystem, we believe Movement can establish a thriving ecosystem hosting a new wave of mainstream applications.”
Image: Pixabay
Your support is invaluable to us as it enables us to provide high-quality content for free.
A single click below helps us in our mission to deliver free, insightful, and relevant content.
Join our YouTube community
Be a part of a community that includes over 15,000 #CubeAlumni experts, featuring luminaries and experts like Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many others.
“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy
THANK YOU