Movement Labs, a San Francisco-based blockchain network development team, today announced that it has received a strategic investment from Binance Labs. This investment comes on the heels of Movement Labs’ successful $38 million Series A funding round as the company works to achieve its mission of “making Move ubiquitous.”
Founded in 2022, Movement Labs is currently building a blockchain ecosystem based on modular Move. The team first launched the first Move virtual machine L2 network on the Ethereum network - M2. Subsequently, Movement Labs will use the funds to expand its open source tools, frameworks, and protocol suites to promote the application of the Move programming language in a wider blockchain ecosystem. Through Movement-related applications, developers can easily launch Move VM Rollup programs that are both secure, high-performance, and high-throughput, just like writing smart contracts.
As part of its global expansion strategy, Movement Labs is focusing on building in the Asia Pacific (APAC) region, recognizing the huge potential and diverse talent in the Move development community. The company will support the development efforts of Asian Move developers by providing resources, training, and corresponding opportunities to help them showcase their work and contribute more to the growth of the Move ecosystem.
“We are very excited to have Binance Labs as a strategic investor,” said Rushi Manche, co-founder of Movement Labs. “Their support and expertise will be invaluable as we work towards our strategy of making Move everywhere and continue to focus on the vibrant and innovative APAC market. By empowering and collaborating with the best Move developers in the APAC region, we will together drive accelerated adoption of the Move language and unlock new possibilities for the entire ecosystem.”
About Movement Labs
Founded in 2022 by early Move ecosystem builders Rushi Manche and Cooper Scanlon, Movement Labs (@movementlabsxyz) is pioneering the first integrated blockchain network to power a faster and more secure L2 network on Ethereum. With the goal of combining smart contract security, EVM liquidity parallelization, and user base, Movement Labs aims to extend the benefits of the Move virtual machine to the Ethereum network through its flagship L2 network and rollups program connected to the Move Stack.
About Binance Labs
Binance Labs has now grown into a venture capital arm and accelerator valued at over $10 billion. Its portfolio covers more than 250 projects from over 25 countries on six continents, with a return on investment of more than 14 times. About 50 investment projects in the portfolio were incubated through Binance Labs’ incubation program.
