Movement Labs raised $38 million as part of a Series-A funding round, led by Polychain Capital.
You can also find out more about the following: funding It is expected that it will support its mission of integrating Facebook’s Move Virtual Machine in Ethereum (ETH). The company said that this would improve the speed of transactions and address any vulnerabilities with smart contracts.
Investments were made by well-known venture firms such as Hack VC Placeholder Figment Capital Bankless Ventures OKX Ventures AptosLabs and others.
Movement Labs claims that the Ethereum eco-system will suffer losses between 2022-2023 totaling $5.4 billion because of smart contract abuses.
Move-EVM is a startup product that is meant to stop such attacks. The software allows developers to create code which undergoes a real-time check, blocking the attack vectors. reentrancy.
Move is an Rust-based language that Facebook developed for its Diem Blockchain cryptopayment project was terminated in 2022.
This was not designed for work It can run on any platform, and it provides a framework to write secure smart contract used for cryptocurrencies (including non-fungible (NFT) tokens), decentralized (apps), or other applications.
Movement Labs has a busy year ahead
Movement Labs is promoting Move adoption since securing A $3.4 million seed round will be held in September 2023.
The fund was primarily funded by Varys Capital and the Avalanche Fund, Blizzard’s Blizzard Entertainment, Borderless Capital (dao5), as well as other developers within the Wormhole ecosystem.
Angel investors include Chandler Song from Ankr and Ryan Fang from dao5. Also, Calvin Liu and George Lampeth of Eigenlayer.
Money from the preseed round also aimed to be used to launch the Movement SDK. This tool is designed to make it easier for blockchains to build secure, high-performance Move environments.
Movement Labs also launched earlier this year. partnered Covalent is a multichain indicer with 225 chain integrations. Covalent has developed the Unified API of Covalent and GoldRush Kit to provide real-time indexing, deployment, and data tools.
Covalent’s Unified API provides seamless access to historical and real-time blockchain data. It is a key tool for AI on web3. GoldRush Kit provides a user friendly interface to view and access historical blockchain data.
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Source: crypto.news