In summary
Movement Labs has raised $100 million in a Series B funding round, with a final valuation expected to reach $3 billion by the end of January.
The MOVE token has experienced significant price volatility since its launch in December but remains central to the company’s future development plans.
Despite the decline in VC funding for crypto, Movement Labs continues to invest strategically and is targeting the Korean gaming market.
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Movement Labs has secured $100 million in Series B funding, which is expected to close by the end of January. The company’s total valuation could reach approximately $3 billion upon completion.
The company’s MOVE token has experienced turbulent price action since its launch a month ago, but developers still see a promising future for it.
Movement Labs Secures Funding Success
Movement Labs, a developer focused on L2 solutions for Ethereum, is bucking some broader fundraising trends. In recent months, VC funding in the crypto space has declined. However, this latest funding round suggests that investors are still betting on the future of L2 solutions.
Overall, Movement Labs has successfully attracted notable investments in recent months. The company itself has also been active in the investment market, contributing capital to other promising projects. For example, after completing its Series A funding round, the company made a significant contribution to Borderless Capital’s DePIN Fund. In that same month, Movement also planned to target the South Korean mobile gaming market.
Movement Labs’ Series B round began at an undisclosed time, but company representatives stated it would conclude by the end of January. The election of the former president created a global cryptocurrency bull market, which was clearly a significant factor in this funding round, but the company’s newly launched MOVE token also played a considerably important role.
Since its launch in early December, MOVE has experienced volatile price fluctuations. The asset’s value surged a few days after launch but subsequently underwent significant swings in a very short period. However, Movement Labs asserts it will play a crucial role in future development.
In a recent interview, co-founders Rushi Manche and Cooper Scanlon explained their reasoning behind choosing the Move programming language for their Ethereum blockchain infrastructure. They both alluded to other Move-based projects and their failure to gain widespread traction, which contributed to Aptos CEO Mo Shaikh’s resignation last month. These lessons are shaping future plans.
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