Movement Labs Raises $3.4 Million for Web3 Interoperability SDK
Movement Labs has secured $3.4 million in funding to develop a software development kit (SDK) that will enhance web3 interoperability using their Movement framework, which is used for building and deploying blockchains.
Movement Labs’ Pre-Seed Fund
The funds raised will be used to promote the adoption of Move, a smart contract development language that includes built-in safeguards against vector attacks.
Notable participants in the funding round include Varys Capital, the Avalanche fund by Blizzard, dao5, Borderless Capital, Colony, Elixir Capital, BENQI, and other contributors within the Wormhole developer ecosystem.
The round also saw participation from angel investors such as Chandler Song, Ryan Fang, Stanley Wu from Ankr, George Lampeth from dao5, Calvin Liu from Eigenlayer, Smokey the Bera from Berachain, and Anurag Arjun from Avail.
Movement SDK and M1 on Avalanche
The raised funds will be used to introduce the Movement SDK, a tool designed to facilitate the creation of secure and high-performing Move environments for established blockchains.
The Movement framework utilizes Move virtual machines to achieve horizontal interoperability across various blockchains. It includes a translator that converts popular smart contract languages like Solidity into Move, providing built-in protection against re-entrance attacks.
Rushi Manche, co-founder of Movement Labs, highlighted the benefits of the Move programming language in enabling Web3 innovation and addressing security and performance flaws present in Solidity.
The Critical Component: M1 on Avalanche
The Movement SDK includes M1, a modular and scalable blockchain designed to combine performance with accessibility. M1, launching on Avalanche, overcomes the cold-start issue faced by non-EVM protocols and allows developers to leverage alternate virtual machines without asset bridging or network switching.
Hot Take: Movement Labs Revolutionizes Web3 Interoperability
Movement Labs’ successful funding round of $3.4 million demonstrates the growing importance of smart contract security and high-throughput blockchains. With their Movement framework and Move programming language, they aim to enhance web3 interoperability by providing a secure and high-performing environment for building and deploying blockchains. The introduction of the Movement SDK and M1 on Avalanche further expands the capabilities of developers, offering compatibility with various blockchains and addressing flaws in existing smart contract languages like Solidity. This investment reflects the belief in the potential of Movement Labs to revolutionize the blockchain industry and drive innovation in Web3 technologies.
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