PANews reported on December 5th that LayerBank announced the completion of a $2.3 million Pre-Seed funding round. Investors in this round include Move Industries CEO Torab Torabi, Coin Bureau Chinese, DVchain, Taiko, Rootstock, and several angel investors and ecosystem contributors.

The new funds will be used to advance the development and launch of its native token, ULAB, which is designed to form the basis of the platform's long-term value capture and incentive model. LayerBank plans to hold its Token Generation Event (TGE) on the Movement Network. LayerBank is a universal liquidity and on-chain money market that currently supports more than 150 markets across over 17 chains, aiming to provide lending and yield strategies through a unified chain abstraction experience.