Blockchain startup Movement Labs is eyeing a $3 billion valuation

As the cryptocurrency market recovered from the ensuing collapse FTX breakdownAnd if Reduced regulatory pressures as expectedExpect to hear emerging cryptocurrency companies making some noise.

For example, Movement laboratoriesThe San Francisco-based blockchain startup is close to completing a $100 million Series B funding round that could push its valuation to nearly $3 billion. according to Media reportsThis funding round is led by CoinFund and Nova Fund, part of Brevan Howard’s digital assets division based in London, and is expected to close by the end of January 2025. CoinFund and Brevan Howard declined to comment when contacted by the news organizations.

Founded in 2022 by Generation Z entrepreneurs Cooper Scanlon and Roshi ManchThe main focus of Movement Labs is to develop a layer 2 blockchain that integrates Ethereum with Facebook’s Move programming language. The company aims to address key challenges in the blockchain space, including improving transaction throughput and enhancing smart contract security. According to reports, the platform is designed to handle more than 30,000 transactions per second, making it a competitive player in the evolving blockchain landscape.

Fortune reported that the Series B round comes on the heels of Movement Labs’ previously announced success in raising $38 million during Series A funding in April 2024. That round was led by Polychain Capital and included participation from several investors such as Hack VC And robot projects. The fresh capital will reportedly be used to enhance product offerings, expand the company’s presence in the Asia-Pacific region, and hire additional talent, reports said.

A source said luck Investors in the current funding round will receive a mix of equity stakes and MOVE’s native MOVE tokens, with a focus on the token. The MOVE token was launched alongside the mainnet beta in December 2024 and has already gained traction on major exchanges such as Binance and Coinbase. Although its market capitalization peaked at $2.7 billion shortly after its launch, it currently stands at around $2 billion, according to reports.