Movement Labs raises $38 million to build layer-2 blockchain on Ethereum with Facebook tech [Fortune]
Coinbase Global, Inc. - Class A (COIN)
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Source: Fortune
Ethereum blockchain, has closed a $38 million funding round, Fortune has exclusively learned. Polychain Capital , the crypto VC mega firm led by Coinbase alum Olaf Carlson-Wee, led the Series A, with participation from other digital assets-focused investors including Hack VC, dao5, and Robot Ventures. Movement's raise comes on the heels of more sizable rounds for other companies building new blockchains, including Monad Labs , which raised $225 million to build a layer-1, and Berachain , another layer-1 developer that recently announced a $100 million Series B. While the flurry of fundraises reflects a return to crypto-focused venture investments, the concentration of capital around blockchains also indicates an increasingly competitive landscape for companies hoping to build the next Bitcoin or Ethereum In an interview with Fortune , Movement cofounders Rushi Manche and Cooper Scanlon said they hope to differentiate Movement by building the first layer-2 blockchain atop Ether
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