After Movement Labs exit, Rushi Manche unveils Nyx Group venture with $100 million plan to back token projects
Nyx Group, a new multi-strategy investment initiative announced by Movement Labs co-founder Rushi Manche and several unnamed partners, plans to deploy up to $100 million into liquid markets to support vetted projects preparing token launches.The group aims to provide liquid capital, expertise, and hands-on operational support to blockchain founders navigating the complexity of token launches and bringing projects to market — from community building to treasury management and regulatory compliance, according to a statement. Manche told The Block that Nyx Group has already been operating for a few months and has made some initial investments, without providing specific details.Manche previously co-founded Movement Labs, the startup developing a Move-based network that later announced plans to transition from an Ethereum sidechain design to a standalone Layer 1 blockchain. Earlier this year, Movement Labs suspended and then terminated Manche following a controversy involving a market-making arrangement tied to 66 million MOVE tokens — about 5% of the supply — that were sold shortly after launch and prompted broader scrutiny across exchanges and the community.Movement Labs initiated a third-party review before restructuring under new leadership as Move Industries. At the time, Manche said "mistakes were made" but denied coordinating any improper activity.Manche declined to comment on issues related to Movement due to ongoing litigation.'Hands-on' model for token-launching foundersManche's new venture aims to address what the team described as a "critical gap" in the current crypto landscape, as founders seeking to launch tokens face limited access to capital during a challenging market environment.Regarding the potential reception of the initiative from the crypto community, Manche told The Block that he was very encouraged by the support it had already received. "I hope the broader community shares in my excitement for the potential of Nyx Group to help this next generation of founders achieve even more," he said.Nyx Group is funded by several partners and family offices who "share a common set of investment principles and belief in this space," Manche continued, without naming those involved. He added that the group expects to deploy the capital over the next few years and plans to share additional information on the specific backers "soon."Nyx Group said it employs "rigorous criteria" for selection and limits investments to founders the "team knows personally and deeply trusts," viewing token launches as high-trust environments. It also backs projects it believes add value, whether through community-focused work or technological innovation.Investment decisions are made by a committee, Manche told The Block, with the group focused on founders backed by reputable funds or showing traction in areas such as revenue, active users, and community strength, plus strong go-to-market visions. Manche added that Nyx Group's network has had substantial interest, "especially from our core network and mutual friends," and now seeks to expand through referrals from founders they support, creating what he called "a like-minded web of individuals."Alongside liquidity support, Nyx Group said it plans to work closely with founders after their token launches, offering operational support including guidance on securing capital, building institutional interest, structuring foundation operations, and connecting projects with strategic long-term partners."Crypto is entering a new chapter rife with opportunity and uncertainty," Manche said in the statement. "Nyx Group aims to match founders we know and trust with the funds and hands-on counsel they need to bring important, transformative tokens and projects to life.""I lived the quintessential founder experience and gained hard-earned knowledge from it. I'm excited to be sharing what I've learned – and what I'd wish I'd known – with other founders," Manche told The Block regarding what drew him to the initiative. "It is exactly the type of resource I wished I'd had when I started my journey as an entrepreneur."Manche added that Nyx Group wants to be "the most founder-friendly partner in the space" — meaning favorable terms, backing long-term visions, and providing capital during difficult market periods. Nyx Group is also "exploring" whether to take governance positions, foundation roles, or board seats in the projects it supports, though Manche told The Block the group typically provides "gentle guidance" on tokenomics and launch dynamics while leaving final decisions to founders.On regulatory considerations around token launches, Manche said Nyx Group works with "numerous law firms" to maintain investment compliance across jurisdictions. While many funds already offer liquidity support around token launches, he argued the initiative stands out from other providers because it pairs capital with extensive post-launch operational support. "There is nothing quite like this in the market right now," he claimed.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.