Blockchain development firm Movement Labs has received an undisclosed investment from Binance Labs, the venture capital arm of Binance, the world's largest cryptocurrency exchange. This investment comes on the heels of Movement Labs' $38 million Series A funding round led by Polychain Capital.
Movement Labs is on a mission to build an ecosystem of blockchains based on the modular programming language Move, starting with “M2”, a Move Virtual Machine Layer 2 for Ethereum. The company plans to use the funds to expand into the Asia-Pacific region and encourage adoption of the Move programming language across broader blockchain ecosystems.
“Binance Labs' support and expertise will be invaluable as we continue to implement our 'Move Anywhere' strategy, focusing on the vibrant and innovative APAC market,” said Rushi Manche, co-founder of Movement Labs.
Movement's Layer 2 blockchain aims to expand the use of the Move programming language beyond the well-known Aptos and Sui Layer 1 blockchains. Move was originally developed by a team within Meta, formerly known as Facebook's now-defunct Diem stablecoin project.
Additionally, Movement Labs is developing Move Stack, an execution layer framework compatible with rollups such as Optimism, Polygon, and Arbitrum. The company will launch its public testnet Parthenon in the coming weeks and aims for a mainnet launch by the end of the year.
*This is not investment advice.