KEY POINTS
- Move Collective partners Lync, HelixLabs, Nexio, Echelon, and Meridian collectively raised $13.2 million
- The funding represents 'a vote of confidence' in Move's future: Movement Labs co-founder Rushi Manche
- Manche sees Move at the forefront of the global blockchain revolution as more people recognize the potential of Move-based technologies
Facebook-developed smart contract language Move is on the roll as investors have started noticing the growing community of innovators building on the programming language tailored for blockchain applications.
On Wednesday, Movement Labs, which is building a network of Move-based blockchains and is focused on open-source tooling for Move, announced that some of its key partners that received support through the Move Collective program, have collectively raised $13.2 million in pre-seed funding.
In an exclusive with International Business Times, Movement Labs co-founder Rushi Manche talked about the significance of the fresh funding and how he sees Move evolving into a cornerstone of the broader blockchain infrastructure.
Elite Accelerator Program Propelling Innovation
Movement Labs' Move Collective program was also officially launched Wednesday, with the goal of transforming developers' ambitious ideas into successful blockchain applications that will ultimately change the game in blockchain.
Introducing Move Collective:
— Move Collective (@Move_Collective) September 25, 2024
A new accelerator program by @movementlabsxyz with the purpose of supporting select Movement ecosystem projects.
Our first initiative helped @EchelonMarket, @zkhelixlabs, @Lyncworld, @buildnexio, and @meridian_money raise a total of 13.2M! pic.twitter.com/b2JfOvw1Wz
The network's partners leveraged the resources and support from Move Collective and connected with investors to secure the funding, highlighting how the program is effective in accelerating project development and funding efforts.
- Lync: $1.5 million for their consumer-centric rollup
- HelixLabs: $2 million for their innovative cross-chain interoperability solution
- Nexio: $2.2 million for their parallelized Bitcoin rollup
- Echelon: $3.5 million for their decentralized lending protocol
- Meridian: $4 million for their advanced DeFi platform
"The $13.2 million in funding secured by our Move Collective partners is a powerful testament to the growing confidence in Move-based technologies. The investments signify more than just capital – they represent a vote of confidence in the future of Move and its potential to revolutionize blockchain development," Manche told IBT.
Move Collective is focused on fostering innovation within the Movement ecosystem by providing the tools, mentorship, and other essential resources they need to help achieve their goals.
The program offers a range of benefits, including:
- Move-Mentor-Ship: Direct mentorship from Movement Labs' executive team
- MoveOn-Site Adventures: Opportunities for in-person meetings and global event participation
- MovEngage: Community engagement through Discord AMAs and Twitter Spaces
- Collective Collaboration: Networking with other innovative teams in the ecosystem
- Market Moves: Co-marketing opportunities with Movement Foundation and partners
The Movement Community continues to impress us.
— Movement (@movementlabsxyz) September 17, 2024
From meetups to memes, the excitement, creativity, and vibes are the very best.
Check out the hightlights from this past week 🧵👇 pic.twitter.com/UvPHT3aBye
Manche said the funding reinforces Movement Labs' mission of positioning Move as a superior alternative to Solidity, the programming language used for developing smart contracts on the Ethereum blockchain.
"Move's ability to eliminate about 90% of common security vulnerabilities makes it an attractive option for developers looking to build secure applications without constantly worrying about potential exploits," he said.
When combined with Movement Labs' capability to convert Solidity to Move, barriers to entry for developers are significantly lowered, giving builders the means to leverage the Move ecosystem without the need to learn a new language from scratch.
Move: A Key Foundation in Blockchain's Future
Move is a security-first programming language that's perfect for handling complex financial transactions and prevents issues such as double-spending and asset duplication.
For Manche, Move's security-first design will play a crucial role in maintaining trust and scalability within blockchains. He also looks forward to Move's potential in digital asset tokenization, an emerging sub-segment that has been making waves in the traditional financial system.
With a built-in scarcity and access control features that make it ideal for securely creating and managing assets, Move's flexibility is expected to help the world transition into tokenization, especially as more industries tap into the innovative technology.
"Move's strengths really apply to a wide range of potential use cases. Everything from on-chain governance and DAOs to gaming can benefit from Move's security, efficiency and flexibility. Move is built not just for today but for the next wave of blockchain innovation," said Manche.
The Movement is growing pic.twitter.com/2x2WbLAIuk
— Movement (@movementlabsxyz) September 11, 2024
A Promising Decade for the Move Ecosystem
The world is already in the early stages of a blockchain revolution, Manche noted, and Movement Labs is confident Move is poised to be at the forefront as developers around the programming language push the boundaries of blockchain.
Manche expects accelerated adoption in the next 10 years as more developers and institutions recognize the programming language's advantages, specifically in security and efficiency. Already, with growing interest as proven by the recent funding of Move Collective partners, there is evident confidence in the huge potential of Move-based technologies.
"We'll likely see Move powering major financial systems and complex decentralized applications, handling billions in daily transactions with unparalleled safety and speed," Manche projected. He added that Move's security-first approach has the potential to revolutionize how consumers view banking, lending, and investing.
Beyond decentralized finance (DeFi), Move also allows for tokenization with unparalleled security. In the future, Move can streamline tokenized transactions and ownership records across numerous industries, Manche believes.
"At Movement Labs, we're not just observers but active shapers of this future. Through initiatives like our Move Collective accelerator and open-source tooling, we're laying the groundwork for Move to become the go-to language for secure, scalable, and innovative blockchain solutions," he said.
Movement Labs is the innovative force behind the Movement Network. It envisions a blockchain future of advanced interoperability, security, and scalability by advancing Move-based technologies in the Web3 space.
