Private crypto capital is mostly moving into infra.

Here's some companies to track ↓
@fun | raised: $72M | Payments infra | Fiat <> crypto rails for apps
@fence_finance | raised: $20M | RWA / credit infra | Backend for asset-backed finance
@liquidtrading | raised: $18M | Multi-asset trading | 24/7 crypto, stocks, FX, commodities, pre-IPO in one app
@multisig | raised: $18M | Stablecoin business finance | Payments, treasury, cards, global settlement
@belo_app | raised: $14M | Stablecoin wallet | LatAm wallet for fiat <> crypto movement
@xomarket | raised: $6M | Prediction markets | User-created prediction markets
@NUVAFinance | raised: $5.2M | RWA yield | Non-custodial RWA marketplace
@onrefinance | raised: $5M | Onchain reinsurance / RWA | Regulated reinsurance exposure on Solana
@ExponentFinance | raised: $5M | Yield trading | Fixed-rate and leveraged yield on Solana
@3f_xyz | raised: $4M | RWA leverage | One-click leveraged exposure to tokenized RWAs
@KaisarNetwork | $4M total | AI compute / DePIN | Decentralized GPU and AI compute network
@legendtrade | raised: $3.5M | Onchain trading | Competitive trading product on Hyperliquid
@onemoarchance | raised: $3.2M | Gaming / collectibles | Social app for trading card collectors
@Voranofficial | raised: $3M | Decentralized compute | Scalable AI compute infra
@ekidenfi | raised: $2M | Onchain trading infra | Institutional-grade trading infra for onchain markets
@ElasticsAI | raised: $2M | AI agents / prediction markets | Agents for research, execution, and portfolio management
Clear trend IMO: private investors are still backing the parts of crypto that make apps easier to use.