Movement Labs Secures $38M to Enhance Ethereum with Facebook's Move Technology

The funding aims to develop a layer-2 blockchain enhancing security and transaction speed, leveraging the Move programming language initially crafted by Facebook.

• Movement Labs, led by young entrepreneurs Rushi Manche and Cooper Scanlon, raises $38 million in Series A funding.
• The new layer-2 blockchain, dubbed Movement L2, aims to bring notable improvements in security and efficiency to Ethereum.
• The Move programming language, known for its association with Facebook's Meta and projects like Aptos and Sui, underpins the new platform.
• Investors include Polychain Capital and a mix of venture capital firms, highlighting strong backing for the project.
• The Movement L2 is set to enter its testnet phase this summer, with plans for a mainnet launch by late summer or early fall.

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