Movement Labs Approaches $100 Million Series B Funding Round for $3 Billion Valuation
Movement Labs is nearing completion of a Series B funding round aiming for $100 million, despite a recent downturn in the cryptocurrency market, with Bitcoin dropping below $100,000.
- The Series B round could value Movement Labs at $3 billion.
- CoinFund and Nova Fund, affiliated with Brevan Howard’s crypto subsidiary, will co-lead the investment.
- Investors will receive equity and MOVE tokens, which have recently ranked 58th on CoinMarketCap with a $2 billion valuation.
- Investor sentiment appears more cautious compared to previous market cycles.
- Movement Labs previously raised $38 million in April 2024 through a Series A round led by Polychain Capital.
- A $20 million fund focused on Web3 development was initiated last year with Gate Ventures and Boon Ventures.
MOVE Token Performance
The announcement did not positively impact the MOVE token, which fell 15.15% in 24 hours, trading at $0.8800 and down 39.64% from its all-time high of $1.45.
Current analysis indicates a potential continuation of this downward trend due to decreased demand for the asset.