Movement Labs, a San Francisco-based software developing team building a layer-2 blockchain on Ethereum, is close to wrapping up its Series B funding round with a target of $100 million, according to multiple sources close to the deal. The round would value Movement around $3 billion, according to one of the sources. Crypto prices have soared since the election of Donald Trump in November, who has vowed to take a friendly approach toward blockchain technology during his second term as president. Movement’s new round comes amid a resurgence in investor interest in the sector after a prolonged downturn in digital assets markets. The rally has seen the return of generalist funds like Khosla Ventures. Founded by two college dropouts, Movement previously raised a $38 million Series A in April 2024 led by the crypto megafund Polychain Capital, with participation from other top blockchain-focused investors including Hack VC, dao5, and Robot Ventures. The latest round will be co-led by CoinFund and Nova Fund, part of hedge fund Brevan Howard’s digital assets arm, according to the sources. Investors will receive a combination of equity and Movement’s proprietary token, Move, which launched in December, said one of the sources, though the emphasis will be on the token—a common funding structure in crypto venture deals. The round is expected to close by the end of January.

Full exclusive : Movement Labs, which is building a layer-2 Ethereum blockchain, is set to raise a $100 million Series B at a ~$3 billion valuation, after raising $38 million in April 2024.