Movement Labs, a San Francisco-based blockchain development team, recently completed a $38 million Series A funding round with Polychain Capital at the helm. The capital injection is earmarked for bringing Facebook’s Move Virtual Machine to the Ethereum network, with an emphasis on mitigating smart contract vulnerabilities and boosting transaction capacity. The Series A saw contributions from numerous notable VC firms, reflective of the confidence vested in Movement Labs’ potential. The blockchain startup, founded in 2022 by Rushi Manche and Cooper Scanlon, is poised to remedy Ethereum’s smart contract security issues while introducing an execution environment that supports an impressive 30,000+ transactions per second through a Zero-Knowledge Layer 2 solution. The Move-EVM engine developed by Movement Labs ensures full verification of deployed code at runtime, blocking common attack vectors like reentrancy customary in recent exploits of smart contracts, where over $5.4 billion was lost during 2022-2023. The ‘Integrated Approach’ that Movement Labs advocates integrates various modular elements, increasing the security and efficacy of their single-blockchain solution. Rushi Manche remarks on the creation of Movement Labs as a response to the two central issues plaguing blockchain infrastructure: poor user experience and the susceptibility of smart contracts to exploits. Both founders aim to fast-track innovation in the crypto domain, empowering developers to construct complex applications more efficiently and securely. Move Stack is another solution produced by Movement Labs, providing an execution layer framework compatible with other rollups such as those from Optimism, Polygon, and Arbitrum. Polychain’s Bobby Beniers recognizes the novel insights provided by Movement Labs, not only addressing scalability but also the user experience, aligning with the security framework of the base Ethereum layer to pave the way for mainstream application development. With a preceding pre-seed round of $3.4 million reported in September 2023, Movement Labs is inviting users to participate in their network anticipated to launch in the upcoming summer.

Blockchain Technology, Venture Capital, Financial Services,San Francisco, United States, Global

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