Blockchain infrastructure startup Movement Labs has raised $3.4 million in a pre-seed funding round to launch a network of blockchains based on the Move smart contract development language, according to a statement. Investors in the round included Varys Capital, Blizzard Fund, Borderless Capital, and dao5. Movement Labs will use the funding to explore the adoption and development of Move, which is designed to protect against attack vectors such as reentrancy. The firm will also expand its network to link up with Ethereum and Cosmos. Movement has built a framework that maintains high-throughput modular Move Virtual Machines to boost interoperability.
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