Movement Lab Expands Support For ERC-3643 Beyond EVM Ecosystem For Real-World Asset Tokenization

(MENAFN- PR Newswire) SAN FRANCISCO, Oct. 22, 2024 /PRNewswire/ -- Movement Labs , a web3 company and core contributor of the Movement Network, today announced its membership in the ERC3643 Association. This strategic move aims to extend the ERC-3643 standard-the industry benchmark for compliant real-world asset (RWA) tokenization-to the Movement Network, an ecosystem of modular Move-based blockchain.

Expanding ERC-3643 Beyond Ethereum
ERC-3643, designed for identity-based permissioned tokens, ensures regulatory compliance and control directly on-chain. Its adoption in the Ethereum ecosystem has gained significant traction in traditional finance, with institutions like Citi Bank and ABN AMRO leveraging the standard for tokenized assets.

Movement Lab's initiative marks the first expansion of ERC-3643 beyond the Ethereum Virtual Machine (EVM) ecosystem, addressing market demands for high-throughput solutions and alternative programming paradigms.

Bringing Proven Standards to Move-Based Blockchains
The Movement Network, powered by the Move Virtual Machine (MoveVM), offers over 160,000 transactions per second and utilizes the Move programming language, known for its resource-oriented approach and enhanced security features.

Cooper Scanlon, Co-Founder of Movement Labs, stated: "RWA tokenization was one of the core design principles of the Move language. By integrating the ERC-3643 standard, we take meaningful steps to realizing this vision in a decentralized manner. We're excited for the many use cases supporting ERC-3643 enables on a molecular level of smart contract development, and are supporting ERC-3643 as the universal gold standard for real-world assets onchain."

Dennis O'Connell, President of ERC3643 Association, commented on the partnership: "Our partnership with Movement Labs marks an exciting new chapter for ERC-3643. By extending our standard to the Move ecosystem, we're not just crossing technological boundaries – we're opening up new possibilities for RWA tokenization. This partnership demonstrates the versatility of ERC-3643 and its potential to become a unifying force across diverse blockchain environments."

To learn more about The ERC3643 Association visit . For more information about Movement Labs', please visit: movementlabs , follow on X @movementlabsxyz and join the community on Discord .

About ERC3643 Association
The ERC3643 Association is a non-profit organization uniting industry leaders to promote the adoption of the ERC-3643 standard and develop a standardized, secure, and compliant tokenization framework. By fostering collaboration and innovation, the association seeks to create a more inclusive, efficient, and secure financial landscape.

About Movement Labs
Movement Labs is the innovative force behind the Movement Network, an ecosystem of Modular Move-Based Blockchains that enables developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems. The organization is developing the first Move Virtual Machine L2 for Ethereum, alongside open-source tooling and protocols to facilitate the adoption of the Move programming language across blockchain ecosystems. With Movement, developers can launch high-performance Move VM rollups with ease. Backed by $38 million in Series A funding led by Polychain Capital, with participation from Binance Labs, Hack VC, Placeholder, OKX Ventures and Archetype, Movement Labs aims to revolutionize blockchain interoperability and advance Move-based technologies in the Web3 space.

SOURCE Movement Labs

MENAFN22102024003732001241ID1108806972