Blockchain development team Movement Labs completes $38 million Series A financing, led by Polychain Capital

According to Foresight News , according to Fortune magazine, the blockchain development team Movement Labs has completed a $38 million Series A financing round, led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5 and Aptos Labs. The funds will support the company to introduce Facebook's Move virtual machine to Ethereum, solve smart contract vulnerabilities and increase transaction throughput. Movement Labs was founded in 2022 and previously completed a $3.4 million seed round in September 2023. In addition to its flagship product Movement L2, Movement Labs will also launch Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon and Arbitrum.