Movement Labs, the company behind the layer 2 network on Ethereum named Movement, is close to completing a $100 million Series B funding round, Fortune reported.
Movement Labs' New Funding Round
After this latest funding round, the company's valuation is expected to reach approximately $3 billion. This round was led by CoinFund and Nova Fund, the digital assets arm of the Brevan Howard hedge fund.
Investors and Their Stakes
Sources indicate that the investing companies will receive both company shares and MOVE tokens in return for their funds. The focus of the participants in the round is primarily on the MOVE token rather than the shares.
MOVE Token and Its Current Status
Following the Series A round in April 2024, where Movement Labs raised $38 million led by Polychain Capital, the MOVE token, alongside Bitcoin, has undergone a significant decline. MOVE, which fell 11.4% in the last 24 hours, saw a slight increase with the investment news, but this increase was not sustained. At present, MOVE is trading at $0.92.
The investment highlights the interest in the MOVE token and the potential of Movement Labs' platform. However, market volatility continues to impact the token's price.
