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Movement Labs raises $3.4 million in pre-seed fund to launch SDK

movement-labs-raises-3-4-million-in-pre-seed-fund-to-launch-sdk
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Movement Labs raises $3.4 million in pre-seed fund to launch SDK

Movement Labs has raised $3.4 million to launch a software development kit (SDK) for advancing web3 interoperability via their Movement framework used for building and deploying blockchains.

Movement Labs’ pre-seed fund

Funds were raised to promote the adoption of Move, a smart contract development language that includes built-in safeguards to protect projects from vector attacks.

Participants included Varys Capital, the Avalanche fund by Blizzard, dao5, Borderless Capital, Colony, Elixir Capital, BENQI, and other key contributors within the Wormhole developer ecosystem. 

Angel investors who took part include Chandler Song, Ryan Fang, and Stanley Wu from Ankr, George Lampeth from dao5, Calvin Liu from Eigenlayer, Smokey the Bera from Berachain, and Anurag Arjun from Avail.

Commenting, William Patterson, head of venture at Varys Capital, said:

 “By harnessing MoveVM and Avalanche consensus, M1 is poised to become the highest throughput chain in the industry. Our investment in Movement Labs reflects our belief in the growing importance of smart contract security and the scalability of high-throughput blockchains.”

Movement SDK and M1 on Avalanche

Funds raised will also introduce the Movement SDK, a tool designed to facilitate the creation of secure and high-performing Move environments for established blockchains. 

The Movement framework leverages Move virtual machines to achieve horizontal interoperability, making it compatible with various blockchains. 

Within the Move network, a translator assists in converting popular smart contract languages like Solidity into Move, offering built-in re-entrance protection against attacks.

In a comment, Rushi Manche, co-founder of Movement Labs, said:

 “The Move programming language blows the roof off the ceiling to Web3 innovation. 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. Move also aims to solve many of Solidity’s inherent security and performance flaws, including reentrancy attacks, DoS attacks, resource inefficiencies, and bugs introduced during the compiling process.”

The critical component of the Movement SDK is M1, a modular, scalable, and composable blockchain engineered to combine performance with accessibility. 

M1, launching on Avalanche, solves the cold-start issue faced by non-EVM protocols. It allows developers to benefit from alternate virtual machines without bridging assets, managing multiple wallets, or leaving familiar networks.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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