Movement Labs is eyeing a $100 million funding round at a $3 billion valuation

San Francisco-based blockchain development team Movement Labs is set to close a $100 million funding round as the company seeks fresh capital amid a renewed cryptocurrency market.

The Series B round will evaluate the blockchain developer behind Movement, an integrated, layer 2 blockchain network on Ethereum (Ethereum(Reuters) worth $3 billion I mentioned On January 8th.

Cryptocurrency-focused venture capital firm CoinFund led the funding round, with participation from London-based investor Brevan Howard. Investors in the round are expected to receive equity stakes and movement (It moves) Symbols.

The significant increase in movement capital highlights the growing interest from the investment world in cryptocurrency startups. Key drivers include easing regulatory pressure, especially as the US embraces a more pro-crypto environment, coupled with bullish market sentiment. Macro factors such as interest rate cuts have also encouraged venture capital firms to back blockchain innovations with significant investments.

For Movement Labs, the $100 million in funding adds… 38 million dollars It went public in April 2024. At the time, the Series A round, led by Polychain Capital, was intended to fund the company’s initiative to bring Facebook’s Move language to Ethereum.

Founded in 2022, Movement Labs focuses on solving smart contract vulnerabilities and improving transaction throughput within the Ethereum ecosystem. Its blockchain offering includes a zero-knowledge layer 2 network designed to enhance the parallelism and security of smart contracts.

The company plans to use the new funding to expand its product offerings, grow its presence in the Asia Pacific region, and hire new talent. Movement previously raised $3.4 million in a pre-seed round in September 2023 and recently launched its native token MOVE.