Multicoin Capital Puts Money Behind Trasia in Historic Bet on Hyperliquid

Multicoin Capital has made its first investment in a project built on Hyperliquid, backing Trasia, a derivatives trading platform designed for Asian crypto markets.

The Texas-based fund, known for its early-stage positions in Solana and Helium, has bet on the potential of the Hyperliquid ecosystem to unlock the vast Asian market for decentralized trading platforms.

Multicoin Capital's investment in Trasia is a strategic move that combines geographic strategy with a conviction in decentralized infrastructure and network flywheel dynamics. The platform, co-founded by former Multicoin partner Mable Jiang, aims to capture the demand of Asian traders through an interface tailored to local habits.

The deal marks a turning point for Multicoin Capital as it enters the Hyperliquid ecosystem, which has established itself as a go-to DEX for perpetual contracts. The protocol's on-chain metrics are impressive, with daily volumes exceeding several billion dollars and a steadily growing user base since the launch of its HYPE token in late 2024.