While Bitcoin treads water to start 2026, sentiment for other niches in crypto has soured even more—especially DePIN, or decentralized physical infrastructure networks. Tokens for the decentralized cell phone service Helium and the decentralized mapping network Hivemapper, for example, are near all-time lows. Still, some investors remain bullish on the concept, including upstart venture firm Escape Velocity, which has raised $61.74 million for a second fund to back founders in DePIN and crypto more broadly.
The firm closed its newest round of capital in December, attracting marquee investors like the venture giant Marc Andreessen and prominent fintech investor Micky Malka of Ribbit Capital. The fund of funds Cendana put in $15 million, the biggest check in the fund, said Mahesh Ramakrishnan, cofounder of Escape Velocity.
