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Welcoming Mable Jiang To Multicoin Capital

By Kyle Samani

December 5, 2019 | 2 minute read

Since launching Multicoin Capital more than two years ago, we’ve sought to build a crypto-native, global-scale asset management firm. Over the last 12 months, we’ve been thinking hard about how exactly we should grow the firm in order to build towards that vision. We determined that the most important initiative we could undertake was to develop a meaningful presence in Asia.

Binance is Blitzscaling

By Tushar Jain

November 7, 2019 | 5 minute read

Earlier this year we published an analysis on Binance and Binance Coin ($BNB), which was the culmination of several months of research and diligence. Since then, we’ve carefully watched as the company has continued to grow at an astonishing pace. To the casual observer, it’s easiest to explain Binance’s rapid growth using Reid Hoffman’s words in Blitzscaling.

Investing In the Permaweb

By Kyle Samani

November 5, 2019 | 7 minute read

Today I’m excited to announce our investment in Arweave, a new protocol and blockchain pioneering an entirely new idea: permanent data storage. Arweave is the foundation of the Permaweb, a critical piece of infrastructure in the Web3 stack. We invested alongside our friends at a16z crypto and Union Square Ventures.

Exchanges Are Open Finance

By Kyle Samani

October 29, 2019 | 11 minute read

The largest profit centers of crypto—the exchanges—are generally under analyzed from a strategic lens, especially given their systemic importance to the space as a whole. This is especially true given that the public can invest in the success of the exchanges through each exchange’s respective token (with the exceptions of the US-based exchanges, BitMEX, and Deribit).

Welcoming Tony Sheng and The Next Steps For Multicoin Capital

By Kyle Samani

October 1, 2019 | 2 minute read

Today I’m excited to announce that Tony Sheng has joined Multicoin Capital as a Principal on the investment team. With deep experience as a product leader at companies like Google, AltspaceVR (acquired by Microsoft), and Decentraland, he brings a unique, user-focused perspective to the firm and the ecosystem as a whole. He’ll be based in Los Angeles, and will be working on new deals and helping our existing portfolio companies.

Privacy Is a Feature, Not a Product

By Ryan Gentry

September 24, 2019 | 18 minute read

Privacy is a feature of valuable cryptocurrencies, not a product offering in and of itself. Users should not have to take balance sheet risk (e.g. by selling some BTC or ETH for ZEC) on less valuable and less secure cryptocurrencies in order to achieve financial privacy. This essay will argue that general platforms like Bitcoin and Ethereum already offer sufficient privacy guarantees for most users to never need niche privacy-focused blockchains.

The World Computer Should Be Logically Centralized

By Kyle Samani

July 30, 2019 | 12 Minute Read

Vitalik conceived Ethereum as the world computer: a single, composable, open, permissionless state machine that could run trust-minimized code. And while Ethereum was a breakthrough on many fronts—P2P layer, deterministic state machines, composable smart contracts and more—it was lacking in many others.

Unbundling Vectors of Centralization in Web3

By Kyle Samani

July 25, 2019 | 7 Minute Read

A year ago I illustrated the Web3 stack as I understood it at the time. More recently, I published Multicoin’s crypto mega theses, detailing the investment thesis for Web3. As I highlighted, one of the key implications of Web3 is that data ownership and application logic will be unbundled.

The Separation of Time and State

By Ryan Gentry

July 16, 2019 | 18 minute read

Numerous smart contract platforms (e.g. Ethereum 2.0, Polkadot, Dfinity, Near Protocol, Algorand, Kadena, Spacemesh, and Solana) are launching in the next year or two. Each team is pursuing a unique scaling strategy. Most of these approaches, however, do not address one of the fundamental problems with distributed computing systems in Byzantine environments: the clock problem.

Our Investment in Torus

By Kyle Samani

July 9, 2019 | 5 minute read

Today I’m excited to announce that Multicoin Capital has led a $2M seed round in Torus with, including participation from Binance Labs, Coinbase Ventures, Accomplice, Sixth Horizon, and Terminal.

Welcoming Mable Jiang To Multicoin Capital

By Kyle Samani

December 5, 2019 | 2 minute read

Since launching Multicoin Capital more than two years ago, we’ve sought to build a crypto-native, global-scale asset management firm. Over the last 12 months, we’ve been thinking hard about how exactly we should grow the firm in order to build towards that vision. We determined that the most important initiative we could undertake was to develop a meaningful presence in Asia.

Binance is Blitzscaling

By Tushar Jain

November 7, 2019 | 5 minute read

Earlier this year we published an analysis on Binance and Binance Coin ($BNB), which was the culmination of several months of research and diligence. Since then, we’ve carefully watched as the company has continued to grow at an astonishing pace. To the casual observer, it’s easiest to explain Binance’s rapid growth using Reid Hoffman’s words in Blitzscaling.

Investing In the Permaweb

By Kyle Samani

November 5, 2019 | 7 minute read

Today I’m excited to announce our investment in Arweave, a new protocol and blockchain pioneering an entirely new idea: permanent data storage. Arweave is the foundation of the Permaweb, a critical piece of infrastructure in the Web3 stack. We invested alongside our friends at a16z crypto and Union Square Ventures.

Exchanges Are Open Finance

By Kyle Samani

October 29, 2019 | 11 minute read

The largest profit centers of crypto—the exchanges—are generally under analyzed from a strategic lens, especially given their systemic importance to the space as a whole. This is especially true given that the public can invest in the success of the exchanges through each exchange’s respective token (with the exceptions of the US-based exchanges, BitMEX, and Deribit).

Welcoming Tony Sheng and The Next Steps For Multicoin Capital

By Kyle Samani

October 1, 2019 | 2 minute read

Today I’m excited to announce that Tony Sheng has joined Multicoin Capital as a Principal on the investment team. With deep experience as a product leader at companies like Google, AltspaceVR (acquired by Microsoft), and Decentraland, he brings a unique, user-focused perspective to the firm and the ecosystem as a whole. He’ll be based in Los Angeles, and will be working on new deals and helping our existing portfolio companies.

Privacy Is a Feature, Not a Product

By Ryan Gentry

September 24, 2019 | 18 minute read

Privacy is a feature of valuable cryptocurrencies, not a product offering in and of itself. Users should not have to take balance sheet risk (e.g. by selling some BTC or ETH for ZEC) on less valuable and less secure cryptocurrencies in order to achieve financial privacy. This essay will argue that general platforms like Bitcoin and Ethereum already offer sufficient privacy guarantees for most users to never need niche privacy-focused blockchains.

The World Computer Should Be Logically Centralized

By Kyle Samani

July 30, 2019 | 12 Minute Read

Vitalik conceived Ethereum as the world computer: a single, composable, open, permissionless state machine that could run trust-minimized code. And while Ethereum was a breakthrough on many fronts—P2P layer, deterministic state machines, composable smart contracts and more—it was lacking in many others.

Unbundling Vectors of Centralization in Web3

By Kyle Samani

July 25, 2019 | 7 Minute Read

A year ago I illustrated the Web3 stack as I understood it at the time. More recently, I published Multicoin’s crypto mega theses, detailing the investment thesis for Web3. As I highlighted, one of the key implications of Web3 is that data ownership and application logic will be unbundled.

The Separation of Time and State

By Ryan Gentry

July 16, 2019 | 18 minute read

Numerous smart contract platforms (e.g. Ethereum 2.0, Polkadot, Dfinity, Near Protocol, Algorand, Kadena, Spacemesh, and Solana) are launching in the next year or two. Each team is pursuing a unique scaling strategy. Most of these approaches, however, do not address one of the fundamental problems with distributed computing systems in Byzantine environments: the clock problem.

Our Investment in Torus

By Kyle Samani

July 9, 2019 | 5 minute read

Today I’m excited to announce that Multicoin Capital has led a $2M seed round in Torus with, including participation from Binance Labs, Coinbase Ventures, Accomplice, Sixth Horizon, and Terminal.

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Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets.

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Blog

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Welcoming Mable Jiang To Multicoin Capital

Binance is Blitzscaling

Investing In the Permaweb

Featured

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Crypto Mega Theses

$100 Trillion

The Web3 Stack

Podcasts

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Podcast: Tushar Jain and Jake Brukhman Talk Generalized Mining With Laura Shin on the Unchained Podcast

Podcast: Tushar and Kyle on Invest Like the Best Podcast With Patrick O'Shaughnessy

Podcast: Tushar and Dhruv Discuss ASIC Mining, Chia, and Mining Decentralization

Videos

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Inside the Room at the Spring 2019 Multicoin Summit (Videos)

Multicoin Summit Panels: Fall 2018

Multicoin Summit: the State of Dapp Development