Movement Labs layer 2 Ethereum blockchain reportedly seeks $100M raise at $3B valuation

Movement Laboratorieslayer developer 2 Blockchain for Ethereum Based on Facebook’s Move Language Virtual Machine Reportedly Raises $100 Million in Series B Round it will be values ​​the company at approximately $3 billion.

Citing several sources, Luck And Reuters announced today that the round will be led jointly by CoinFund and Nova Fund, part of the digital assets division of London-based investment firm Brevan Howard. Company grossed $38 million in a Series A round in April led by Polychain Capital, a prominent crypto investment firm, and received backing from Aptos Labs, an early backer of the Move programming language.

Founded in 2022, Movement Labs developed its blockchain network to address the vulnerabilities and inefficiencies of smart contracts in the Ethereum ecosystem, the second largest blockchain network by usage and market capitalization after Bitcoin.

The company has developed a so-called layer 2 blockchain, a type of decentralized digital ledger technology that is overlaid on another blockchain network, in this case Ethereum. It helps process blockchain transactions that govern decentralized applications and addresses security and privacy concerns. The movement says that To better organize and compress transactions and provide superior securityThis can provide faster and cheaper transactions.

Movement uses Move, a programming language developed by Facebook and owned by Meta Platforms Inc., to provide now defunct Diem project of cryptocurrency payments on the blockchain to protect smart contracts. Smart contracts are self-executing programs running on blockchain networks that serve as the core of decentralized applications.

Using Move and its layer 2 Blockchain, Movement Speaks, this could speed up Ethereum by up to up to 160,000 transactions per second with fees of less than a hundredth of a cent.

The average transaction speed of the Ethereum blockchain is about 15 transactions per second. What led to a huge harvest of laying hens 2 search for solutions to speed up transactions more efficiently. Notable examples include UniCanefinancial solution from the decentralized cryptocurrency exchange Uniswap Labs; Blockstream Corp.which grossed $210 million last year; Basedeveloper-friendly Level 2 from cryptocurrency exchange Coinbase Global Inc.; And PolygonA main Ethereum scaling solution.

The movement began main network The blockchain went into beta last month with its MOVE token, which is now trading on major cryptocurrency exchanges including Binance and Coinbase. According to data from CoinGeckoThe market capitalization of the token reached a maximum of $2.7. billion, but fell to about $2 billion.

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