Crypto venture capitalists are rewriting their playbooks after the brutal collapse in digital currency prices this spring. That’s dented their overall deal-making, but it has also created an opportunity for a subset of crypto startups.

Blockchain startups with B2B models that aren’t as exposed to fluctuations in digital asset prices as consumer-facing startups, such as trading platforms for non-fungible tokens, are still raising $100 million–plus rounds amid the crypto downturn. And other firms hoping they can land big valuations for ambitious blockchain infrastructure projects are currently testing investors’ appetites.

Palo Alto, Calif.–based Aptos, a blockchain startup founded by former Meta Platforms crypto executives, has spoken with investors about a new round of funding that would value the company at $2.75 billion, according to a person with direct knowledge of the matter, who added that the valuation may have increased as talks progressed.