Blockchain Firm Movement Labs Gains $38M to Launch Layer 2 Network

IconCrypto News Terminal25 Apr, 2024

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Blockchain Firm Movement Labs Gains $38M to Launch Layer 2 Network

Blockchain software developer Movement Labs has secured $38 million in a Series A funding round led by Polychain Capital. The company is building an Ethereum-based Layer 2 network, which aims to improve the scalability and efficiency of blockchain transactions. Movement Labs plans to launch its mainnet later this year and issue its own token, MOVE. The funding will support the development and launch of Movement Labs' network and token. The company plans to use the funds to expand its team, develop its technology, and launch marketing and outreach initiatives. Previously on 25 April 2024, "Blockchain software developer Movement Labs has raised $38 million in a Series A round led by Polychain Capital. The company is building an Ethereum-based Layer 2 network and aims to launch its mainnet this fall. Movement Labs also plans to issue its own token, MOVE."

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