Movement Labs raises $3.4M to further develop smart contract language Move News โธ Avalanche โธ Investments
Movement Labs raises $3.4M to further develop smart contract language Move
The investment fund had participants from Ava Labs and angel investor Calvin Liu.
2 min read
Updated: Sep. 13, 2023 at 11:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Movement Labs said it raisedย $3.4 million in pre-seed funding to boost the security and adoption of its Web3-based Smart Contract Language, Move.
According to a Sept. 13 statement shared with CryptoSlate, Move is a programming language with embedded safeguards that protects projects from common attack vectors like reentrancy that have cost the industry billions of dollars.
Movement Labs co-founder Rushi Manche described the Web3 programming language as blowing the roof off Web3 innovations because it solves many security and performance issues inherent in Web3 programming languages. He added:
“Benefits to Smart Contract developers include direct interaction with digital assets through custom resource types, flexibility with transaction script declaration, on-chain verification, and bytecode safety privileges.”
The funding round featured investors like Varys Capital, dao5, Blizzard The Avalanche Fund, Colony, Interop Ventures, and Elixir Capital. The round also had angel investors like George Lampeth, Calvin Liu, “Smokey The Bera,” and co-founders of Ankr, among others.
Movement SDK
Meanwhile, Movement Labs plans to launch the Movement Software Development Kit (SDK) to improve Move’s interoperability across blockchains. The SDK will use M1, a unique modular tool to combine horizontally and vertically reachable performance access to established blockchains.
The M1 protocol, however, is set to bypass the cold-start problem usually faced by new protocols following its establishment on the Avalanche Consensus. By living on the Avalanche Network, M1 can bootstrap its ecosystem, liquidity, validator set, and EVM-traditional tooling.
Other features of the M1 protocol include its description as a community-first blockchain with transparent tokenomics and low staking requirements to improve decentralization. Through Move’s interoperability, developers can use alternative virtual machines across blockchains to manage their assets without leaving their preferred networks.
William Patterson, the head of venture at Varys Capital, said M1 will be the highest throughput chain in the industry because it is leveraging MoveVM and Avalanche Consensus.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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