Movement Labs Raises $3.4 Million in Pre-Seed Funding for Move Language
Movement Labs recently announced that it secured $3.4 million in pre-seed funding from a group of industry leaders. This funding will enable Movement Labs to expand the implementation and development of Move, a programming language designed specifically for smart contracts. Move incorporates protective measures against attack vectors such as reentrancy, which have caused significant financial losses for Web3 users. Alongside the funding, Movement Labs is introducing the Movement SDK, which aims to provide secure and high-performance Move environments for established blockchain ecosystems.
M1 Blockchain: Unique, Modular, and Scalable
The Movement SDK offers M1, a unique and modular blockchain characterized by its horizontal scalability and vertical composable structure. M1 aims to balance performance and accessibility. To address cold-start problems faced by new protocols, M1 can bootstrap its ecosystem, liquidity, validator set, and EVM-traditional tools by operating within the Avalanche consensus. M1 prioritizes community involvement with transparent tokenomics, minimal staking requirements, and a protocol architecture that supports community-driven expansion. Users and developers can enjoy the benefits of alternative virtual machines without complex integration or leaving established networks.
“The Move programming language blows the roof off the ceiling to Web3 innovation,” said Rushi Manche, co-founder of Movement Labs.
“Benefits to smart-contract developers include direct interaction with digital assets, transaction script flexibility, on-chain verification, and bytecode safety. Move solves security and performance flaws of Solidity, such as reentrancy attacks, DoS attacks, resource inefficiencies, and bugs during the compiling process.”
Pre-Seed Investment Round Led by Prominent Investors
Varys Capital, dao5, Blizzard The Avalanche Fund, Borderless Capital, and their Cross-Chain Fund focused on the Wormhole ecosystem led this round of investors. Colony, Interop Ventures, Elixir Capital, BENQI, and other notable partners also participated. M1 is built on the Avalanche Subnet technology stack, allowing pioneers like Movement Labs to develop infinitely scalable custom blockchains.
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