Movement Network’s Development Company Announces New Entity
After the dismissal of its co-founder Rushi Manche, the development company behind the Move blockchain, Movement Labs, announced the establishment of a new company, Move Industries, on Wednesday. The new entity will be managed by a new leadership team and aims to improve its governance structure.
Movement’s official X account stated, “In light of recent events, we need to completely innovate,” leading to the formation of Move Industries. The company is comprised of early employees from Movement Labs, including two of its founding leaders: CEO and Movement Ecosystem Architect Torab Torabi and President and Chief Marketing Officer Will Gaines.
Move Industries will initially focus on reforming its governance structure, prioritizing technology and community, and will subsequently continue to advance its ecosystem development projects MoveDrop, community activities Parthenon, and significant technological upgrades.
According to a previous report by Zombit, Movement Labs has recently been embroiled in a series of controversies, including violations by its market makers, internal divisions within the company, and the dismissal of its founder. Data from CoinGecko shows that the price of MOVE only experienced a brief increase when it was listed at the end of last year, followed by over four months of continuous decline, with a drop of more than 85%.
As of the time of this report, the trading price of MOVE was $0.16, and the news of the leadership changes did not trigger significant fluctuations.