Mysten Labs—a startup founded by former Meta Platforms employees that is building a new blockchain for decentralized applications including gaming and social media networks—is in talks with investors about raising a Series B round of at least $200 million led by FTX Ventures, according to two people with direct knowledge of the matter. The startup is targeting a valuation of $2 billion, the people said, a significantly higher valuation than its prior round.

Investors have so far committed at least $140 million to the round, according to one of the people. The $2 billion valuation could change depending on whether equity investors receive additional warrants giving them the right to buy tokens that would work with its blockchains, as well as the strike price to exercise those options, one of the people cautioned. The exact Series A round valuation could not be learned.

A successful fundraising by Mysten during a downturn in crypto prices and a meltdown among crypto lending companies would show that investors are still eager to pour money into startups with founders that are building products to increase the adoption of crypto. Existing investors have pointed to the name-brand connections of Meta’s crypto efforts when hyping Mysten’s founders.