Multicoin Capital has invested in Trasia Labs, the team behind an Asia-focused perpetual futures trading platform built on Hyperliquid, marking the venture firm's first investment in the Hyperliquid ecosystem, a Multicoin spokesperson told The Block.
The investment comes shortly after Multicoin disclosed an investment in the Hyperliquid token itself late last month, when it published a detailed investment thesis on the protocol. At the time, Multicoin said it initiated a large HYPE position early this year and has been accumulating since, with HYPE now representing one of the largest positions in its liquid fund.
As for Trasia, Multicoin has invested $1.75 million in the startup as the sole investor in its seed round, Trasia co-founder Mable Jiang told The Block.
Jiang is a former Multicoin Capital partner and most recently served as chief revenue officer at Find Satoshi Lab (FSL), the web3 development studio behind the move-to-earn app Stepn. Jiang said she left FSL in May 2025 and co-founded Trasia this May with Edison Chen, who has been building in web3 since 2017.
Trasia began fundraising in May and closed the round last month, Jiang said, declining to disclose the structure of the round, the valuation or whether Multicoin received a board or observer seat.
