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Announcing Venture Fund II

By Multicoin Capital

| 8 minute read

Building on the success of our first venture fund, we’re proud to announce that Multicoin Capital has raised a new $100M venture fund to back entrepreneurs building companies (equity), and protocols (tokens) in and around the crypto space. We have been investing out of this vehicle for several months already.

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Writing

WritingFeatured

Announcing Venture Fund II

By Multicoin Capital

May 4, 2021 | 8 minute read

Building on the success of our first venture fund, we’re proud to announce that Multicoin Capital has raised a new $100M venture fund to back entrepreneurs building companies (equity), and protocols (tokens) in and around the crypto space. We have been investing out of this vehicle for several months already.

Writing

Our Investment in REALY

By Mable Jiang

April 16, 2021 | 5 minute read

Today, I’m excited to announce our investment in REALY, a platform that trades the legitimacy of streetwear and other real world collectibles. Our friends at Alameda Research and SNZ Capital also participated in the round.

Writing

The Helium Flywheel

By Tushar Jain

March 17, 2021 | 5 minute read

Helium is a new crypto economic protocol that underpins a new business model deploying and managing wireless networks at about 100x lower cost than traditional top-down telecom business models. The first wireless technology supported by Helium is LoRaWAN, a popular technology for IoT devices. Multicoin Capital co-led the Series C round in Helium Inc in 2019 along with USV.

WritingFeatured

THORChain Analysis

By Tushar Jain

February 23, 2021 | 20 minute read

Multicoin Capital has accumulated a large position in RUNE, the native token of THORChain, a decentralized cross-chain automated market maker (AMM). RUNE represents one of our largest public positions.

Writing

The Perpetual Protocol

By Kyle Samani

January 15, 2021 | 5 minute read

There’s a long running joke that all financial innovation can be boiled down to two things: figuring out ways to take on more leverage, and (un)bundling risk to more efficiently price assets for investors. The first major financial innovation was the separation of debt and equity back in the 1400s. This innovation unbundled risk, creating two classes of risk holders: debt (lower risk, lower returns), and equity (higher risk, higher returns).

Writing

Our Investment in Swivel Finance

By Spencer Applebaum

December 10, 2020 | 6 minute read

Today I’m excited to announce that Multicoin Capital has led a $1.15 million seed round in Swivel Finance, a new decentralized protocol that enables fixed-rate lending and interest-rate derivatives. Electric Capital, CMS Holdings, Divergence Ventures, and DeFiance Capital also participated, as did several angels including Ash Egan, Stani Kulechov of Aave, Alex Pack, Imran Khan, Qiao Wang, and Thomas Klocanas.

Writing

The DeFi Stack

By Spencer Applebaum

November 24, 2020 | 20 minute read

Open Finance is one of Multicoin’s three Crypto Mega Theses, wherein Open Finance is a superset of DeFi. Over the past 12 months, there has been an explosion of activity in DeFi on Ethereum: there is $13.6 billion in capital participating in DeFi, up more than 20x over the last year.

WritingFeatured

Our Investment in OXIO

By Matt Shapiro

November 17, 2020 | 14 minute read

I’m excited to announce Multicoin Capital’s investment in OXIO. We led OXIO’s $3.5M seed round last year, and now the company is emerging from stealth following a $12M Series A financing led by two of the top VCs in Latin America, monashees and Atlantico Capital.

Writing

Trade-offs in the Decentralized BitMEX Space

By Tushar Jain

September 8, 2020 | 20 minute read

One of the greatest innovations of modern financial markets is that traders can gain financial exposure to an asset without having to physically settle that asset—aka synthetic exposure. This dramatically expands the universe of traders who can trade in a given market, especially for harder to deliver assets. This is desirable because increasing traders and capital in a given market can help reduce volatility and increase liquidity.

Writing

Exploring The Design Space of Liquidity Mining

By Tushar Jain

August 13, 2020 | 14 minute read

Decentralized Finance (DeFi) has recently seen an explosion of activity and public interest. The primary driving factor has been the discovery of “liquidity mining” as a mechanism to bootstrap liquidity. Broadly defined, liquidity mining occurs when users of a DeFi protocol are compensated in that protocol’s native token for interacting with the protocol.