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Movement Labs raises $38 million to build layer-2 blockchain on Ethereum with Facebook tech

The blockchain race is about to get even more crowded: Movement Labs, a San Francisco-based software development team that’s building a layer-2 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 ro...

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