Movement Labs Nears Completion of $100 Million Series B Funding Round

Movement Labs, a San Francisco-based team developing a layer-2 blockchain on Ethereum announced that it is about to complete a $100 million Series B financing, with a valuation of $3 billion. Investors will receive a combination of equity and Move tokens. The round, co-led by CoinFund and Nova Fund, comes amid a crypto market resurgence. Movement utilizes the Move programming language, originally developed by Facebook for its Diem project. As of January 7, 2025, the Move token’s market cap is $2.25 billion. Movement aims to combine Move’s benefits with Ethereum’s ecosystem to differentiate from competitors like Aptos and Sui. It launched a beta version of its mainnet in December along with its token, which is currently trading on major venues such as Binance and Coinbase. A