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Multicoin Capital

We’re thesis driven investors that make long-term, high-conviction investments in category defining crypto companies and protocols across public and private markets.

The Endgame for Stablecoins

Vishal Kankani
June 6, 2024 | 9 minute read

Today, we’re proud to announce our investment in Mountain Protocol, the issuer of USDM, a permissionless, yield-bearing stablecoin backed entirely by US Treasuries. We led the Series A round, which also included Castle Island Ventures, Coinbase Ventures and others. Stablecoins are among the largest addressable markets in crypto.

The Dawn of Bitcoin Programmability

Vishal Kankani
May 9, 2024 | 8 minute read

Today, we are proud to announce our investment in Arch, a Bitcoin-native application platform that unlocks bridgeless decentralized finance (DeFi) on the world's most valuable blockchain. We led the investment with participation from OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, Tangent and others.

Unbundling Sotheby’s

Spencer Applebaum
May 3, 2024 | 9 minute read

DeFi’s arch of innovation, historically speaking, has been focused on introducing new financial primitives, like AMMs and perpetuals, that give users new ways to trade cryptoassets. As of today, the land grab for obvious primitives has mostly ended, leaving only smaller exotic primitives to explore. The next wave of innovation will focus on using DeFi rails to fix broken markets.

Enter The Wormhole

Kyle Samani
April 3, 2024 | 3 minute read

Crypto is going multichain and needs a secure but flexible interoperability platform to connect the industry. Wormhole is one of the leading solutions in the market with a full-stack interoperability platform. Today I’m excited to announce that we co-led a $225M round in Wormhole. This round closed late last year; we are formally announcing our investment today to coincide with the launch of W token, which goes live today.

Publisher-Exchanges: Consumer Applications and the Attention Theory of Value

Shayon Sengupta
March 12, 2024 | 12 minute read

“The price is the news” is an often used adage in crypto circles any time there is heightened engagement and awareness around a network following fast price action. It has become clear to me that the inverse of this statement is perhaps more profoundly true: “The news is the price.” In my contribution to What Multicoin is Excited About For 2024, I described a marked shift in how markets price assets that I labeled the “Attention Theory of Value.”

The Holy Grail of Cryptography

Kyle Samani
March 7, 2024 | 4 minute read

In some sense, every server-side security vulnerability or exploit over the last 30 years shares the same root cause: some sensitive piece of data was left unencrypted (or an attacker gained access to a decryption key). When presented in this frame, the solution is fairly obvious: don’t ever decrypt data, and ensure no decryption key is ever stored on any server.

Building The Internet of GPUs

Shayon Sengupta
March 5, 2024 | 5 minute read

We are excited to announce our investment in, the leading distributed compute marketplace for AI workloads. We led the seed and participated in the Series A Round. In total, has raised $30M from Multicoin, Hack VC, 6th Man Ventures, Modular Capital, and a syndicate of deeply connected angel investors to make on-demand, production-ready compute markets a reality.

The Foundational DeFi Primitive of Filecoin

Kyle Samani
February 6, 2024 | 3 minute read

The Filecoin Virtual Machine (FVM) launched on March 14, 2023 (pi day). There is nothing else in crypto quite like the FVM. It allows developers to bind payments and DeFi to real world primitives on the Filecoin network, starting with storage. Over time, we expect the FVM to also allow for direct programmability of bandwidth and compute resources as well.

What Multicoin Is Excited About For 2024

Multicoin Capital
By Multicoin Capital
January 16, 2024 | 12 minute read

At the end of every year we come together and discuss some of the biggest changes we’re expecting in the year ahead. For the first time, we’re publishing these ideas. Please feel free to reach out to any of us to discuss these ideas further.

Oracles and the New Frontier for Application-Owned Orderflow Auctions

Shayon Sengupta
December 14, 2023 | 7 minute read

Today, we are excited to announce our investment in Pyth Network, the leading first-party oracle in crypto. The implicit premise behind legacy oracles in crypto has been that all data—including financial data—is freely available and accessible to on-chain contracts. Accordingly, oracles simply need to incentivize supply-side network contributors to scrape and aggregate this data, come to consensus on it, and bring it on-chain.

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