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Movement Labs, a San Francisco-based team developing a layer-2 blockchain on Ethereum, is nearing the completion of a $100 million Series B funding round, valuing the company at approximately $3 billion. The funding surge follows a rebound in crypto markets, driven by renewed investor interest and a favorable political climate. Investors will receive equity and the proprietary Move token, which has seen significant trading activity since its launch in December.
On a volatile trading day, Solana, Cardano, and Aptos saw significant price increases of 5.9%, 4.4%, and 3.1%, respectively, driven by optimism surrounding potential spot ETFs and strong market sentiment. Investors are particularly focused on Solana's upcoming ETF review deadline on January 23, which could set a positive precedent for Cardano and Aptos. Additionally, the market is witnessing a shift as short positions are being liquidated, creating upward pressure on these cryptocurrencies.
Aptos CEO Mo Shaikh has resigned, effective December 19, to pursue new opportunities while remaining a strategic adviser. Avery Ching, co-founder and former CTO, has taken over as CEO, focusing on expanding the ecosystem and driving technical advancements, particularly in Asia. Under Shaikh's leadership, Aptos launched its layer-1 blockchain mainnet and secured over $400 million in funding.
Mo Shaikh has stepped down as CEO of Aptos Labs to "start a new chapter," with co-founder Avery Ching taking over the role. Shaikh, who co-founded the layer-1 blockchain in 2021 and helped raise $400 million, will remain as a strategic adviser while expressing confidence in the team's future. Aptos aims for significant technical innovation and ecosystem expansion in 2025 under Ching's leadership.
Mo Shaikh
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