Movement, the beleaguered Ethereum Layer 2 that was mired in controversy shortly after launch last year, has relaunched as a standalone Layer 1 blockchain with the intent of becoming the stablecoin settlement solution for emerging markets, Move Industries’ new CEO Torab Torabi told The Block.
On Tuesday, Move Industries announced that over the past several months, it has worked to secure access to licensed payment rails across the United States, Canada, and the European Union via partnerships with regulated money transmitters and e-money institutions.
The firm is now partnered with the likes of stablecoin issuer Circle, wallet startups KAST and Sorted, and tokenization projects Oro, Yuzu Money, and Zoth, among others, on a litany of offerings, according to an announcement. Avant Protocol, for instance, has tapped the Movement Network to support yield and treasury products.
Rather than chasing general-purpose block space in an oversupplied Layer 2 market, Movement is doubling down on "real-world" use cases in underserved regions via a sovereign blockchain, Torabi said. Movement first announced it intended to relaunch as an Layer 1 last year, focused on compliant fintech and neobank products, which can operate without relying on the traditional correspondent banking systems.
