Movement Labs Raises $3.4 Million in Pre-Seed Funding for Smart Contract Development Language and Launches Movement SDK
Movement Labs, the leading smart contract development platform, has recently announced that it has raised $3.4 million in pre-seed funding from a group of industry participants. This funding will enable Movement Labs to accelerate the adoption and development of their innovative Move programming language, which includes embedded safeguards to protect against attack vectors like reentrancy that have cost Web3 users billions of dollars annually.
In addition to the funding, Movement Labs has also unveiled the Movement SDK (software development kit), a groundbreaking tool that will deliver secure and high-performance Move environments directly to established blockchain ecosystems. The Movement SDK’s first major offering is M1, a unique modular and scalable blockchain designed for optimum performance and accessibility.
M1 solves the cold-start problem faced by new protocols by natively bootstrapping its ecosystem, liquidity, validator set, and EVM-traditional tooling within the Avalanche consensus. This community-first blockchain ensures transparent tokenomics, low staking requirements to encourage decentralization, and community-led growth built into its protocol design.
With the Movement SDK, developers and users can now enjoy the benefits of alternative virtual machines without the hassle of bridging assets, managing multiple wallets, or leaving their familiar networks. This seamless integration allows for easy adoption of the Move programming language.
Rushi Manche, co-founder of Movement Labs, expressed his excitement about the potential of the Move programming language: “The Move programming language blows the roof off the ceiling to Web3 innovation. Smart-contract developers will enjoy benefits such as direct interaction with digital assets, flexible transaction script declaration, on-chain verification, and bytecode safety privileges.”
Leading the round of investors is Varys Capital, along with dao5, Blizzard The Avalanche Fund, Borderless Capital, and their Cross-Chain Fund focused on the Wormhole ecosystem. Other notable partners participating in the funding round include Colony, Interop Ventures, Elixir Capital, BENQI, and many others. The raise also included prominent angel investors such as George Lampeth from dao5, Calvin Liu from Eigenlayer, Smokey The Bera from Berachain, Anurag Arjun from Avail, CoinFlipCanada from GMX, and the co-founders of Ankr.
Through the Movement SDK, Movement has developed a framework that combines horizontal interoperability with high-throughput modular Move Virtual Machines. These virtual machines can be seamlessly integrated into any blockchain network, providing vertical composability through Fractal. Fractal acts as a translator, allowing for the compilation from popular smart contract languages like Solidity to Move, while ensuring native reentrancy attack protection with minimal technical lift.
Built on the Avalanche Subnet technology stack, M1 empowers pioneers like Movement Labs to develop custom blockchains that scale infinitely. With the combination of funding, the Movement SDK, and M1, Movement Labs is poised to revolutionize smart contract development and enhance the Web3 ecosystem.
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