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Multicoin Capital has invested $1.75 million in Trasia, marking the firm's first bet on the Hyperliquid ecosystem and its first solo-investor deal in the segment.
Trasia is a perpetual futures DEX built on Hyperliquid, co-founded by former Multicoin partner Mable Jiang. The platform is built for Asian traders, where demand for offshore perps liquidity has stayed structurally strong despite tighter regional regulation.
Why it matters
Multicoin's Hyperliquid bet lands at a moment when the onchain perps DEX narrative is consolidating around a handful of L1-style venues. HYPE, the native token of Hyperliquid, has become a reference price for the segment, and builder activity on the chain is starting to attract dedicated capital rather than generic "L1" checks.
For Multicoin, the check is also a re-entry of sorts: Jiang's co-founder seat gives the firm insider-level technical confidence without layering syndicate politics onto a young team.
Market impact
A $1.75M round is small by crypto VC standards, but the symbolic weight is larger: it tells builders that a tier-one crypto-native fund now treats Hyperliquid as a defensible ecosystem allocation, not a side bet. Watch whether other top-tier funds follow with their own first-touch Hyperliquid deals in the next two quarters.
Frequently asked questions
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What is Trasia and who founded it?
Trasia is a perpetual futures DEX built on Hyperliquid, co-founded by former Multicoin Capital partner Mable Jiang and focused on Asian traders. Multicoin invested $1.75M as the startup's sole investor.
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How much did Multicoin Capital invest in Trasia?
Multicoin Capital invested $1.75 million in Trasia, the firm's first investment in the Hyperliquid ecosystem and its first sole-investor deal in the segment.
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Why is Multicoin's Hyperliquid investment notable?
It marks Multicoin's first position in the Hyperliquid ecosystem, signaling that a tier-one crypto-native fund now treats Hyperliquid as a defensible ecosystem allocation rather than a side bet.
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What does Trasia offer to Asian traders?
Trasia is a perpetual futures platform built on Hyperliquid aimed at serving Asian traders, a region where demand for offshore perps liquidity has remained structurally strong despite tighter regulation.
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What should investors watch next after this deal?
Whether other top-tier crypto venture funds follow with their own first-touch Hyperliquid ecosystem investments in the coming quarters, since one round rarely stays alone in this segment.
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