Multicoin invests $1.75m in Trasia, first Hyperliquid app bet
Multicoin Capital has made its first startup investment in the Hyperliquid ecosystem, committing $1.75 million to Trasia to build a decentralized perpetual futures platform targeting untapped Asian markets.
Multicoin Capital has invested $1.75 million in Trasia Labs, marking the venture firm’s first equity bet on a startup building within the Hyperliquid ecosystem. The crypto asset manager served as the sole investor in the perpetual futures trading platform's seed round, which closed last month.
The deployment follows Multicoin’s late-month disclosure of a significant position in the HYPE token, which it stated is now one of the largest holdings in its liquid fund. Investing in Trasia signals that Multicoin is moving beyond simply holding the base layer's token to actively backing applications built on top of its infrastructure.
Trasia operates under Hyperliquid Improvement Proposal 3, a framework that allows developers to launch bespoke decentralized perpetual futures exchanges by posting a 500,000 HYPE staking bond. The startup has secured more than $35 million in committed HYPE and USDC to launch its Asian equity perpetuals market.
Rather than competing for existing decentralized finance users, Trasia is targeting traditional traders in Asia who are unfamiliar with onchain trading. Co-founder Mable Jiang, a former Multicoin partner and ex-chief revenue officer at Find Satoshi Lab, noted that the 10-person team across Hong Kong, Taiwan, and Tokyo plans to leverage local networks and a mobile-first approach to acquire users. A native mobile app is planned for August.
The platform will initially route users to Hyperliquid's native perpetual markets before rolling out its own contracts later this year. Jiang said Trasia will focus initially on AI infrastructure companies approaching public listings or attracting strong regional investor interest.
The company intentionally kept the seed round small, declining to disclose its valuation or governance rights, to prove product traction before seeking more capital. "We are long the Hyperliquid ecosystem, and we expect Trasia to gain meaningful market share quickly and become a dominant force in the years to come," said Tushar Jain, managing partner and CIO at Multicoin Capital.
