The noose is tightening for crypto startups seeking to raise venture capital, according to Sami Start, founder of Transak, a crypto infrastructure provider.

“It is definitely harder to raise than it was last cycle,” Start told DL News.

“Funds are making fewer bets, and they’re being much more selective about where they take exposure,” he said.

Amid the $2 trillion industry drawdown, capital is increasingly being directed towards companies focused on stablecoin infrastructure, payments and financial connectivity, where demand is seen as more closely linked to real economic activity, he said.

“There’s…