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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.

Full Stack, Decentralized Security

Kyle Samani
January 31, 2023 | 5 minute read

The design space of cyber security is vast. There are an infinite number of attack vectors across chips and instruction sets, operating systems, runtimes, and applications. And naturally, there are many large cybersecurity companies. When I first got into Ethereum in 2016, the only real cybersecurity companies were smart contract auditors. Human audits have been and always will be paramount. However, human audits are not enough.

The Web3 Growth Stack

Shayon Sengupta
John Robert Reed
January 11, 2023 | 15 minute read

We’ve become increasingly interested in a category of innovation that we’re internally calling the Web3 Growth Stack—i.e., the tools that product managers and marketers use to acquire, engage and retain customers using Web3 technologies. In Web2, the growth stack consists of a plethora of tools, platforms, and analytics systems designed to help product and marketing leaders augment growth.

Unlocking Payments Over Crypto Rails

Kyle Samani
December 8, 2022 | 15 minute read

Since the advent of Bitcoin, people have been talking about the inevitability of crypto-based payments. And yet, 13 years since the launch of Bitcoin, payments over crypto rails have not yet entered mainstream consciousness. Why have crypto payments struggled? And why is that changing now?

Watch Videos From The 2022 Multicoin Summit

John Robert Reed
December 6, 2022 | 5 minute read

This year we celebrated our fifth anniversary as a firm. Over that time, we’ve watched carefully as the industry has evolved and built step-function improvements to scaling, indexing, data modeling, wallets, and more. Core infrastructure has occupied the minds of builders for years; however, that’s now starting to change. New consumer applications—like games, social media, creator platforms, consumer loyalty, and more—are starting to appear.

Value Flows in the MEV Ecosystem

Shayon Sengupta
Tushar Jain
October 31, 2022 | 8 minute read

Miner Extractable Value (MEV) is fundamental to permissionless distributed systems and cannot be eliminated. The market structure for MEV is dynamic and complex, but the actors that profit from them in proof-of-work (PoW) networks—such as Ethereum 1.0—have exclusively been miners and searchers.

Mercury: Reimagining the Collegiate Fan Experience

Matt Shapiro
October 20, 2022 | 12 minute read

Today I’m excited to announce that Multicoin Capital has led a $7.5M seed investment in Mercury with participation from North Island Ventures, Crosslink Capital, Brevan Howard Digital, and several others. The convergence of sports and crypto is one of the most exciting, fast-growing areas of the market with strong, early successes in companies like Sorare and NBA Top Shot. Both have onboarded countless new users into crypto.

Announcing Venture Fund III

Kyle Samani
Multicoin Capital
By Kyle Samani AND Multicoin Capital
July 12, 2022 | 7 minute read

Today we are excited to announce our latest venture fund, Venture Fund III, a $430M fund that invests $500K-$25M in early-stage opportunities all the way up to $100M+ for later-stage projects when combined with our evergreen liquid fund.

Beyond Verticalization of NFT Marketplaces

Kyle Samani
June 22, 2022 | 7 minute read

Why is the UX of OpenSea and Magic Eden generally the same (discovery on homepage, basic set of linear filters on the left side of collection pages, same search presentation, etc.)? Or, framed another way, why doesn’t the front page of OpenSea or Magic Eden have an activity feed (like Fractal or Hawku), or a livestream (like Twitch), or the results of a recent game tournament that heavily leverages NFTs?

Our Investment in Delphia

Tushar Jain
Spencer Applebaum
June 8, 2022 | 7 minute read

Today I’m excited to announce that Multicoin Capital has led a $60M Series A in Delphia alongside Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures, Cumberland, Road Capital, and M13.

The Ball Multicoin Bitwise Metaverse Index

Multicoin Capital
By Multicoin Capital
June 7, 2022 | 3 minute read

Over the last 6 months, as the term “metaverse” has become more popular in mainstream lexicon, we have come to the realization that many of our investments across various sectors—Web3 infrastructure, DeFi, asset ledgers, data networks, etc.—are good candidates to provide foundational infrastructure to power many credibly-neutral metaverses.

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