Movement, Rocked by 'Mass Token Sell-Off Controversy,' Transitions to Layer 1 Blockchain... "Reborn as a Fintech"
Movement, an Ethereum Layer 2 blockchain that was engulfed in a mass token sell-off controversy immediately after its launch last year, has been relaunched as a
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- Movement, an Ethereum Layer 2 blockchain that was engulfed in a mass token sell-off controversy immediately after its launch last year, has been relaunched as a
Movement, an Ethereum Layer 2 blockchain that was engulfed in a mass token sell-off controversy immediately after its launch last year, has been relaunched as an independent Layer 1 blockchain.
According to CoinDesk, Movement aims to focus on providing financial services for emerging markets, positioning itself as a stablecoin payment solution targeting those markets.
Torab Torabi, the new CEO of 'Move Industries,' which acquired Movement's core research and development division, stated, "Essentially, we are no longer a cryptocurrency company. We are a fintech company leveraging blockchain technology." He previously served as the head of business development at Movebount, and after the mass token sell-off controversy, he acquired the core R&D division of Movement Labs to lead Move Industries.
Meanwhile, the company has established partnerships with stablecoin issuer Circle, wallet startups KAST and Sorted, and tokenization project Oro, and is offering a variety of products.