Movement Labs, a San Francisco-based software developing team building a layer-2 blockchain on Ethereum, is close to wrapping up its Series B funding round with a target of $100 million, according to multiple sources close to the deal.

Movement Labs is reportedly close to completing a $100 million Series B funding round, which would value the company at an impressive $3 billion.

Movement Labs secures $100M in Series B funding, highlighting confidence in its blockchain scalability solutions. TONCASH expands its crypto cashback platform, gaining 200,000 users and partnering with brands like Apple and Adidas.

Movement Labs is nearing completion of a $100 million Series B funding round that would value the blockchain development firm at approximately $3 billion, Fortune reported Wednesday, citing sources familiar with the deal. The report said that a Movement spokesperson confirmed the Series B is underway but declined further comment.

The Series B round is being led by crypto-focused investor CoinFund, with participation from the digital asset arm of London-based investment firm Brevan Howard, the source said

Founded in 2022, Movement Labs developed its blockchain network to address vulnerabilities and inefficiencies in smart contracts within the Ethereum ecosystem, the second-largest blockchain network by usage and market cap only to Bitcoin.