VCs are betting on normalization, and venture investment is concentrating on fewer, revenue-driven infrastructure firms that make crypto usable for institutions. Crypto is growing up and the industry is moving from speculative booms toward regulated, institutional-grade infrastructure. The story of these blockchain businesses, outside of SPAC-driven crypto treasury firms, appears to be the plumbing. The raise underscores growing VC interest in the infrastructure layers that sit beneath consumer-facing crypto applications. Wallet providers, custody firms, compliance tooling, developer platforms and blockchain analytics companies are what have attracted sustained interest, even as funding for consumer token projects remained comparatively muted.