Binance Labs Backs Movement Labs' Mission to Bring 'Move Everywhere' with Investment

• Undisclosed Investment From Binance Labs Follows Movement's $38M Series A Funding Round

SAN FRANCISCO, May 1, 2024 /PRNewswire/ -- Movement Labs, a San Francisco-based blockchain development team, today announced an investment from Binance Labs. These investments closely follow Movement Labs' successful $38m Series A funding round as the company continues to gain momentum in its mission to bring 'Move Everywhere.'

Founded in 2022, Movement is building an ecosystem of Modular Move-based blockchains, starting with M2, the first Move Virtual Machine L2 for Ethereum. Movement will use the funds to expand its suite of open-source tooling, frameworks, and protocols to facilitate the adoption of the Move programming language across broader blockchain ecosystems. With Movement, developers can launch secure, performant, and high-throughput Move VM rollups as easily as they do smart contracts.

As part of its global expansion strategy, Movement Labs is placing a strong emphasis on the Asia-Pacific (APAC) region, recognizing the immense potential and talent within the Move development community. The company is committed to championing and supporting Asian Move developers, providing them with the resources, education, and opportunities needed to showcase their exceptional work and contribute to the growth of the Move ecosystem.

"We are thrilled to welcome Binance Labs as an investor," said Rushi Manche, Co-Founder of Movement Labs. "Their support and expertise will be invaluable as we continue to execute our 'Move Everywhere' strategy, starting with a focus on the vibrant and innovative APAC market. By empowering and collaborating with the talented Move developers in the region, we aim to accelerate the adoption of Move and unlock new possibilities for the entire ecosystem."

For more information about Movement Labs and a guide to participate in its devnet, please visit: movementlabs.xyz and follow on X @movementlabsxyz and on Discord. Connect with us at movementlabs.xyz  to discuss global business opportunities.

About Movement Labs:
Co-founders, Rushi Manche and Cooper Scanlon, early builders in the Move ecosystem, founded Movement Labs in 2022 as the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum. Designed to pair smart contract security and parallelization with EVM liquidity and user bases, Movement is bringing the MoveVM to Ethereum through its flagship L2 and connected rollups with the Move Stack.

About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs' portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.

SOURCE Movement Labs