Movement Labs secures $38 million in funding to develop layer 2 blockchain on Ethereum using technology from Facebook

**Movement Labs Raises $38 Million for Layer 2 Ethereum Blockchain**

In a competitive landscape of blockchain development, Movement Labs, a San Francisco–based software development team, has successfully closed a $38 million funding round for its layer 2 Ethereum blockchain project. The funding was led by Polychain Capital, with participation from other digital-assets-focused investors such as Hack VC, dao5, and Robot Ventures.

**A Growing Trend in Blockchain Development**

The recent funding round for Movement Labs is part of a larger trend in the blockchain industry, with companies like Monad Labs and Berachain also securing significant investments for their blockchain projects. This surge in funding reflects a renewed interest in crypto-focused venture investments but also highlights the intense competition among companies vying to create the next groundbreaking blockchain technology.

**Differentiating with Move Programming Language**

Movement Labs aims to set itself apart by utilizing Move, a programming language originally developed by Facebook for its Diem stablecoin project, in building the first layer 2 blockchain atop Ethereum. Co-founders Rushi Manche and Cooper Scanlon believe that by incorporating Move into their project, they can offer developers a more intuitive and secure platform while still being part of the Ethereum ecosystem.

**Looking Towards the Future**

Movement Labs plans to announce its devnet soon and aims to launch its mainnet in the late summer or early fall. Additionally, the company is working on launching its own token, tentatively named Move. By leveraging Move and the Move Virtual Machine, Movement Labs hopes to attract developers who are looking for a more efficient and user-friendly programming language for blockchain development.

As the blockchain race continues to heat up, Movement Labs is positioning itself as a key player in the industry, offering a unique approach to blockchain development that combines the best of Ethereum with innovative new technologies.


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