Movement Labs Aims for $100 Million in New Capital and a $3 Billion Valuation

Investing.com -- According to a report by Reuters, blockchain developer Movement Labs aims to raise $100 million in a new funding round that could value the company at $3 billion. The Series B round is led by crypto-focused investor CoinFund, with participation from Brevan Howard's digital assets division based in London.

Movement Labs' new capital raise comes a year after the company raised $38 million in its previous funding round. The funds obtained from the current round are expected to be used to enhance its product, expand its presence in the Asia-Pacific region, and hire additional team members.

Founded in 2022 by Cooper Scanlon and Rushi Manche after leaving Vanderbilt University, the company is focused on developing a more accessible, faster, and user-friendly blockchain. Additionally, Movement Labs launched its own native token last month.