Blockchain infrastructure startup Movement Labs has raised $3.4 million in its seed funding round, according to the official announcement from Avalanche (AVAX). The company stated that this financing will especially enable Move to make its name known and be developed.
Avalanche (AVAX) Subnet technology Movement Labs met with giant investors
Movement Labs reported raising $3.4 million in a seed funding round to “launch a modular Move-based blockchain network.” Move protects against re-entry, such as attack vectors that cost approximately $4 billion annually. With this feature, Move is a smart contract development language, especially with embedded protections. “Parallel processing, dynamic NFTs, and security are exploding on Web3,” said Scanlon, co-founder of Movement Labs.
Investors
Meanwhile, dao5, Varys Capital, Blizzard Fund and Borderless Capital participated in the financing round. Many angel investors also took part in the round. Names specifically include George Lampeth, Eigenlayer’s Calvin Liu, Berachain’s Smokey and Anurag Arjun.
press releases
Movement Labs co-founder Rushi Manche stated that the Move programming language offers advantages to smart contract developers. These include direct crypto communication with custom resource types and flexibility in transaction script declaration. Additionally, key features include on-chain authentication and bytecode security privileges. Manche also touched on security issues hindered by the programming language:
It also resolves many of the security and performance flaws inherent in Solidity, including re-entry attacks, DoS attacks, resource inefficiencies, and errors introduced during the compilation process.
Move programming language advantages: Why is it important for the altcoin industry?
Rushi Manche stated that the Move programming language offers a number of advantages to smart contract developers. The language includes features such as direct interaction with cryptocurrencies and bytecode security privileges. Through Movement-SDK, the company is building the framework that offers horizontal compatibility through the high-pass modular Move VM. Movement Labs stated, “Solving the cold start problem faced by new protocols, M1 launches its ecosystem, liquidity, validator set and EVM-traditional tools natively by keeping the Avalanche (AVAX) consensus alive.”
About Movement: What does it provide for AVAX subnets?
Movement-Labs is the creator of the Movement SDK for building Move-based infrastructures and applications in any environment. The team develops products and services that enable you to leverage the power of the Move Programming Language without writing Move code. The first release, M1, defines L1 as the Solidity-compatible layer that connects EVM and Move liquidity. This feature allows makers to create customizable and compatible execution chains with easy access to users and liquidity.
