Movement Labs eyes $100 million in fresh capital, $3 billion valuation

Investing.com -- Blockchain developer, Movement Labs, is reportedly seeking to raise $100 million in a new funding round that could value the company at $3 billion, according to a report by Reuters. The Series B round is led by CoinFund, a cryptocurrency-focused investor, and includes participation from the digital asset division of London-based Brevan Howard.

Movement Labs' quest for fresh capital comes a year after the company secured $38 million in its previous funding round. The funds from the current round are expected to be utilized to enhance its product, increase its presence in the Asia Pacific region, and recruit additional team members.

The company, established in 2022 by Cooper Scanlon and Rushi Manche, both dropouts from Vanderbilt University, is committed to developing a more accessible, fast, and convenient blockchain. Moreover, Movement Labs launched its own native token just last month.

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Source: Investing.com