Binance Labs Supports Movement Labs To Facilitate Facebook’s Move Integration Across Blockchains
In Brief
Binance Labs invested in Movement Labs which incorporates the security of the Move and parallel execution via a zero-knowledge rollup.
Venture capital firm and incubation arm of cryptocurrency exchange Binance, Binance Labs, announced its new investment in the integrated blockchain network Movement Labs. It incorporates the security of the Move and parallel execution via a zero-knowledge (ZK) rollup.
Move is a programming language that was initially created at technology conglomerate Meta by a team of individuals who were previously involved in Facebook’s now-defunct Diem stablecoin project.
Movement Labs’s Move-EVM enables builders who leverage Move and Solidity to deploy formally verified code at runtime, all while blocking the execution of common attack vectors such as reentrancy. The project plans to support Aptos Move, Sui Move, and an embedded EVM interpreter, MEVM, enabling the utilization of Layer 2 networks by Aptos, Sui, as well as EVM users.
The project seeks to establish an ecosystem of modular Move-based networks. The initial one is a Move Virtual Machine Layer 2 crafted for Ethereum, known as “M2”.
With the newly acquired funds the firm plans to extend its operations into the Asia-Pacific region and bolster the adoption of Move across wider blockchain ecosystems. This will be achieved by providing developers with improved open-source tools to facilitate the seamless deployment of Move VM rollups.
Yi He, Co-Founder of Binance and Head of Binance Labs, remarked that Movement Labs’s technological advancements and modular approach are set to meet the demand for an integrated blockchain, thereby propelling security and speed. She further conveyed that the VC is eager to witness the project’s ongoing growth.
Movement Labs Raises $38M From Polychain Capital, Prepares For Testnet Launch
Movement Labs also works on the development of Move Stack, an execution layer framework, compatible with rollups such as Arbitrum, Optimism, and Polygon. The launch of testnet, Parthenon, is scheduled to commence within this month, while mainnet is planned for the later date before the year’s end.
The recent capital injection supplements the $38 million the firm raised last week. The Series A funding round was led by Polychain Capital along with other contributors.
In September last year, Movement Labs raised $3.4 million in a pre-seed funding round, with backing from investors such as dao5, Varys Capital, Blizzard Fund, and Borderless Capital. Additionally, angel investors like Calvin Liu from Eigenlayer, Smokey The Bera from Berachain, and Anurag Arjun from Avail also contributed to the funding round.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
