The crypto markets are booming, but the most recent wave of enthusiasm isn’t just from small-time traders or dabblers curious about memecoins. Big financial institutions are leaning in. Etherealize, a startup launched in January, hopes to convince Wall Street to dive even further into crypto, and it’s raised $40 million to build out products and infrastructure on Ethereum for financial institutions.

Longtime crypto venture capitalists Electric Capital and Paradigm led the fundraising round. Vitalik Buterin, a cofounder of Ethereum, and the Ethereum Foundation, a nonprofit devoted to developing the protocol, also helped fund Etherealize with an initial grant. The raise was for equity and token warrants, Vivek Raman, CEO and cofounder of Etherealize, told Fortune .

“Now’s the time to r

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