Blockchain infrastructure startup Movement Labs has raised $3.4 million in its seed funding round, according to the official announcement from Avalanche (AVAX). The company stated that this financing will allow Move to make its name known and be developed.
Avalanche (AVAX) Subnet technology Movement Labs met with giant investors
Movement Labs reported raising $3.4 million in a seed funding round to “launch a modular Move-based blockchain network.” Move protects against re-entry, such as attack vectors that cost approximately $4 billion annually. With this feature, it is a smart contract development language with embedded protections. “Parallel processing, modules, dynamic NFTs, and unmatched security are bursting the ceiling on Web3 innovation,” said Cooper Scanlon, co-founder of Movement Labs.
Investors
dao5, Varys Capital, Blizzard Fund and Borderless Capital participated in the financing round. Many angel investors also took part in the round. These names include dao5’s George Lampeth, Eigenlayer’s Calvin Liu, Berachain’s Smokey The Bera, and Avail’s Anurag Arjun.
press releases
Rushi Manche, co-founder of Movement Labs, said the Move programming language provides benefits to smart contract developers, including direct interaction with digital assets via custom resource types, flexibility in transaction script declaration, on-chain validation, and bytecode security privileges. Manche also touched on security issues hindered by the programming language:
It also resolves many of the security and performance flaws inherent in Solidity, including re-entry attacks, DoS attacks, resource inefficiencies, and errors introduced during the compilation process.
Move programming language advantages: Why is it important for the altcoin industry?
Rushi Manche stated that the Move programming language offers a number of advantages to smart contract developers. The language includes features such as direct interaction with cryptocurrencies and bytecode security privileges. Through the Movement SDK, the company is building a framework that offers horizontal compatibility through high-throughput modular Move Virtual Machines. Movement Labs stated, “Solving the cold start problem faced by new protocols, M1 launches its ecosystem, liquidity, validator set and EVM-traditional tools natively by keeping it alive in the Avalanche consensus.”
About Movement: What does it provide for AVAX subnets?
Movement Labs is the creator of the Movement SDK for building Move-based infrastructures and applications in any environment. The team develops products and services that enable you to leverage the power of the Move Programming Language without writing Move code. The first release, M1, defines L1 as the Solidity-compatible layer that connects EVM and Move liquidity. This feature allows makers to create customizable and compatible execution chains with easy access to users and liquidity.
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