Movement Labs, a San Francisco, CA-based blockchain development team that combines modular elements to create a more secure & performant Ethereum ecosystem, raised $38m in Series A financing.
The round was led by Polychain Capital with participation from Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs.
The company intends to use the funds to bring Facebook’s Move Virtual Machine to Ethereum, addressing smart contract vulnerabilities and enhancing transaction throughput.
Founded in 2022 by Rushi Manche and Cooper Scanlon, Movement Labs aims to tackle the prevalent smart contract vulnerabilities within the Ethereum ecosystem while introducing a novel execution environment designed for 30,000+ transactions per second (TPS). By leveraging a fully EVM-compatible bytecode interpreter and Ethereum for settlement, the Movement Zero-Knowledge Layer 2 blockchain will bring parallelization and smart contract security to users who wish to remain within the Ethereum ecosystem.
Movement’s Move-EVM allows Move and Solidity developers to deploy code that is fully verified at runtime, preventing attack vectors like reentrancy from executing. The team calls this the “Integrated Approach”, where multiple modular elements such as shared sequencing, embedded formal verification provers, alternative data availability, and Ethereum settlement can combine to power one blockchain, enhancing security and performance.
In addition to the flagship Movement L2, Movement Labs will introduce Move Stack, an execution layer framework that is compatible with many of the rollup frameworks from companies like Optimism, Polygon, and Arbitrum.
FinSMEs
25/04/2024