Movement Labs, which launched its own token last December, received $100 million in investment.
Movement Labs, the company behind Movement, a layer 2 network on Ethereum, is close to closing a $100 million Series B funding round, Fortune reported.
After the financing round, the company will be valued at around $3 billion, sources said.
The financing round was reportedly led by CoinFund and Nova Fund, the digital assets arm of the Brevan Howard hedge fund.
The sources added that the companies that invest will receive both company shares and MOVE tokens in return for the funds they provide. It was stated that the focus of the companies participating in the round is on the MOVE token rather than the shares.
Movement Labs previously raised $38 million in a Series A round led by Polychain Capital, which was announced in April 2024. Hack VC, Placeholder, Archetype, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs also participated in the round.
Along with Bitcoin, MOVE also experienced a major decline. MOVE, which fell 11.4% in the last 24 hours, rose slightly with the investment news, but this increase was not permanent. MOVE continues to be traded at $0.92 at the time of writing.
*This is not investment advice.
