Movement Labs eyes $3 billion valuation amid fresh funding efforts
Movement Labs is making waves in the blockchain world again, planning to raise fresh capital in a funding round that could bring in $100m and value the company at a hefty $3bn.
CoinFund, a well-known crypto-focused investor, is leading the Series B round, and also joined by the digital asset division of London-based investment firm Brevan Howard. When approached for comments, both firms remained silent.
Crypto startups seem to be finding their way back into investors’ good books, especially as regulatory challenges ease and the market recovers from the lows seen after the FTX debacle. Venture firms appear to be increasingly eager to write those big checks as the landscape for deals and IPOs improves, fueled by interest rate cuts. These changes are improving exit opportunities, and boosting investor confidence.
Globally, venture capital funding saw a slight uptick last year, growing over 5% to hit $368.5bn, according to PitchBook’s data.
Sources revealed to Fortune that investors in this latest round will receive a mix of equity and Movement Labs’ MOVE tokens, with a stronger emphasis on the tokens. The MOVE token, launched alongside the beta mainnet in December 2024, is already gaining traction on major exchanges like Binance and Coinbase. While the token’s market cap peaked at an impressive $2.7bn shortly after its debut, it has since stabilised at around $2bn, according to reports.
This funding round marks another milestone for Movement Labs, coming just a year after it raised $38m in its previous round. The fresh capital will be used to improve their product, grow their presence in the Asia Pacific market, and add to their team’s talent.
For those unfamiliar, Movement Labs was founded in 2022 by Cooper Scanlon and Rushi Manche, two ambitious Gen Z entrepreneurs. Their mission is to develop a layer-2 blockchain that integrates Ethereum with Facebook’s Move programming language. The platform aims to address major blockchain challenges, such as increasing transaction speeds and improving smart contract security. With the capacity to handle over 30,000 transactions per second, Movement Labs is positioning itself as a competitive player in the blockchain space.
Fortune was among the first to report these developments.
(Photo by Unsplash)
See also: MANTRA and DAMAC collaborate to tokenise $1 billion in Middle East
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