Difference between revisions of "Multicoin Capital"

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== Basics ==
== Basics ==
* ''"A thesis-driven cryptofund offering LPs venture capital economics with all the advantages of public market liquidity"''
* ''"A [[thesis]]-driven cryptofund offering LPs venture capital economics with all the advantages of public market [[liquidity]]"''
* Location: Austin, Texas
* Location: Austin, Texas
* Founded Date: 2017
* Founded Date: 2017
* Number of Employees: 10-100
* In a short [https://twitter.com/Blockanalia/status/1533070217122746373?t=4TJBUu2JGt2t-bIWaI4a5Q&s=19 thread] about VCs and dumping, this fund was a slow dumper (4-6-2022):
''"They have yet to transfer the May unlock to an exchange, but the December and March unlocks ended up on [[Binance]] within a few days."''


== Investments ==
== Investments ==
* [[0x]]. Was 'long on 0x ' in 14-12-2017, and wrote [https://multicoin.capital/2017/12/14/0x-zrx-analysis-valuation/ this Analysis piece]. Is not on their [https://multicoin.capital/portfolio/ website]'s portfolio anymore as of 25-11-2020.
* Multicoin Capital [https://twitter.com/TheBlock__/status/1590349978873913350 got hit] by [[FTX (FTT)|FTX]] collapse, with 10% of its fund's [[Assets Under Management (AUM)|AUM]] stuck on the exchange (9-11-2022). Blockworks [https://twitter.com/NaniXBT/status/1593033713235152896 claimed] it was 55%. Later it turned out to be 91.4% lost in 2022, [https://twitter.com/CoinDesk/status/1632132811250364418 according] to the firm’s annual letter to investors.
*[[0x]]. Was 'long on 0x ' in 14-12-2017, and wrote [https://multicoin.capital/2017/12/14/0x-zrx-analysis-valuation/ this Analysis piece]. Is not on their [https://multicoin.capital/portfolio/ website]'s portfolio anymore as of 25-11-2020.
* [[AAVE]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
* [[AAVE]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
* [[Algorand]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Algorand]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Arweave]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Aptos]]; took part in their [https://medium.com/aptoslabs/expanding-the-aptos-community-38c5b18a84b7 $200m] strategic round (15-3-2022). Also part of next round of [https://www.coindesk.com/business/2022/07/25/aptos-labs-raises-150m-to-revive-diem-in-ftx-ventures-led-funding-round/?s=35 $150M] (26-7-2022).
*[[Arweave]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Audius]]. Led a [https://www.coindesk.com/audius-rallies-edm-artists-crypto-vcs-to-back-vision-for-music-payments-on-ethereum second round] in 2020.
* [[Audius]]. Led a [https://www.coindesk.com/audius-rallies-edm-artists-crypto-vcs-to-back-vision-for-music-payments-on-ethereum second round] in 2020.
* [[Bakkt]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Bakkt]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Dfinity (ICP)|DFINITY]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Braintrust (BTRST)|Braintrust]]; according to this [https://twitter.com/liron/status/1561166817669722112 thread] (8-2021).
*[[Dfinity (ICP)|DFINITY]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[dForce]]. Was [https://www.coindesk.com/chinese-defi-platform-dforce-raises-1-5m-from-multicoin-huobi-capital part of a $1.5M] (14-4-2020) funding round for dForce (which got 99% of it's [https://www.theblockcrypto.com/linked/62346/multicoin-capital-backed-defi-protocol-dforce-loses-25m-total-locked-value-in-an-exploit?utm_source=rss&utm_medium=rss funds hacked], 19-4-2020).
* [[dForce]]. Was [https://www.coindesk.com/chinese-defi-platform-dforce-raises-1-5m-from-multicoin-huobi-capital part of a $1.5M] (14-4-2020) funding round for dForce (which got 99% of it's [https://www.theblockcrypto.com/linked/62346/multicoin-capital-backed-defi-protocol-dforce-loses-25m-total-locked-value-in-an-exploit?utm_source=rss&utm_medium=rss funds hacked], 19-4-2020).
* [[Dune Analytics]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020). Participated once more in the [https://decrypt.co/78321/ethereum-data-firm-dune-analytics-raises-8m?utm_source=telegram&utm_medium=social&utm_campaign=smt $8M round] (12-8-2021).
* [[Drift]]; led the [https://x.com/driftprotocol/status/1836752136614658325 Series B] (19-9-2024).
*[[Dune Analytics]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020). Participated once more in the [https://decrypt.co/78321/ethereum-data-firm-dune-analytics-raises-8m?utm_source=telegram&utm_medium=social&utm_campaign=smt $8M round] (12-8-2021).
*[[Enso Finance]]; part of a [https://cryptobriefing.com/enso-finance-raises-5m-to-build-social-trading-platform/ $5M] funding round (13-4-2021).
*[[Enso Finance]]; part of a [https://cryptobriefing.com/enso-finance-raises-5m-to-build-social-trading-platform/ $5M] funding round (13-4-2021).
*[[Helium]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020). Also part of a [https://twitter.com/TheBlock__/status/1425255811731894278 $111M] token sale (11-8-2021).
*[[Helium]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020). Also part of a [https://twitter.com/TheBlock__/status/1425255811731894278 $111M] [[token]] sale (11-8-2021).
*[[Filebase]]; part of a [https://filebase.com/blog/announcing-our-2m-seed-round/ $2M seed funding] (20-4-2021).
*[[Filebase]]; part of a [https://filebase.com/blog/announcing-our-2m-seed-round/ $2M seed funding] (20-4-2021).
*[[Furucombo (COMBO)|Furucombo]]; one of the [https://www.theblockcrypto.com/linked/90366/defi-aggregator-furucombo-1-85-million-seed-round participants] in a $1.85$ raise (7-1-2021).
*[[Furucombo (COMBO)|Furucombo]]; one of the [https://www.theblockcrypto.com/linked/90366/defi-aggregator-furucombo-1-85-million-seed-round participants] in a $1.85$ raise (7-1-2021).
*[[FTX]]. [https://cryptobriefing.com/ftx-bets-solana-ethereum-decentralized-exchange/ From] [[Crypto Briefing]] (27-7-2020):
*[[FTX]]. [https://cryptobriefing.com/ftx-bets-solana-ethereum-decentralized-exchange/ From] [[Crypto Briefing]] (27-7-2020):


"''FTX is building a [[DEX]], [[Serum (SRM)|Serum]], on the Solana blockchain with the help of partners like [[Kyber Network]] and Multicoin Capital. Serum is [[cross-chain]] comptaible, giving it access to liquidity on [[DeFi]] [[dApps]] on [[Ethereum]]. The DEX will run on a central limit orderbook, but will still operate in a trustless manner."''
"''FTX is building a [[DEX]], [[Serum (SRM)|Serum]], on the Solana [[blockchain]] with the help of partners like [[Kyber Network]] and Multicoin Capital. [[Serum]] is [[cross-chain]] comptaible, giving it access to liquidity on [[DeFi]] [[dApps]] on [[Ethereum]]. The DEX will run on a central limit orderbook, but will still operate in a [[trustless]] manner."''


Is not on their [https://multicoin.capital/portfolio/ website]'s portfolio as of 25-11-2020.
Is not on their [https://multicoin.capital/portfolio/ website]'s portfolio as of 25-11-2020.
* [[The Graph]]. [https://defirate.com/the-graph-tokensale/ Participated] (7-2020) a $5M token sale for The Graph, together with [[Coinbase Ventures]], [[DTC Capital]], and others.  
* [[The Graph]]. [https://defirate.com/the-graph-tokensale/ Participated] (7-2020) a $5M token sale for The Graph, together with [[Coinbase Ventures]], [[DTC Capital]], and others.  
* [[Keep3r Network (KPR)|KEEP]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Keep3r Network (KPR)|KEEP]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Livepeer (LPT)|Livepeer]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[LayerZero (Project)|LayerZero]]; part of their [https://www.coindesk.com/business/2022/03/30/a16z-ftx-and-sequoia-lead-155m-round-for-layerzero-at-1b-valuation/ first Series A round] of $6M in 9-2021.
* [[MathWallet]]. [https://twitter.com/MathWallet/status/1315565911856816128?s=09 Invested] $7.8M in MathWallet together with [[Alameda Research]] (12-10-2020).
*[[Livepeer (LPT)|Livepeer]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Manta]]; part of the [https://messari.io/report/state-of-manta-q2-2024 $50M raise]
*[[MathWallet]]. [https://twitter.com/MathWallet/status/1315565911856816128?s=09 Invested] $7.8M in MathWallet together with [[Alameda Research]] (12-10-2020).
* [[MobileCoin]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[MobileCoin]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[NEAR]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
* [[NEAR]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
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*[[Oxygen]]; part of a [https://www.coindesk.com/alameda-research-oxygen-defi-prime-brokerage-oxy $40M] raise (24-2-2021).
*[[Oxygen]]; part of a [https://www.coindesk.com/alameda-research-oxygen-defi-prime-brokerage-oxy $40M] raise (24-2-2021).
*[[Perpetual Protocol (PERP)|Perpetual Protocol]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
*[[Perpetual Protocol (PERP)|Perpetual Protocol]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
*[[Pyth Network (PYTH)|Pyth]]; participated in its first [https://pyth.network/blog/expanding-the-pyth-community-strategic-capital-and-new-builders announced] round (5-12-2023).
*[[Saffron Finance]]; is [https://medium.com/saffron-finance/new-partners-join-saffron-finance-ecosystem-as-billions-in-yield-generating-assets-migrate-from-27059982f997 mentioned] as a strategic partner (8-3-2021).
*[[Saffron Finance]]; is [https://medium.com/saffron-finance/new-partners-join-saffron-finance-ecosystem-as-billions-in-yield-generating-assets-migrate-from-27059982f997 mentioned] as a strategic partner (8-3-2021).
*[[Sei]]; [https://www.seinetwork.io/ mentioned] as one of the trusted investors on Sei's website (13-10-2022).
*[[Skale (SKL)|Skale]]. Is on the [https://skale.network/ list of supporters] of Skale (31-7-2020).
*[[Skale (SKL)|Skale]]. Is on the [https://skale.network/ list of supporters] of Skale (31-7-2020).
* [[Solana]], on [https://solana.com/solana-completes-20-million-raise-led-by-multicoin-capital/ why]: ''"Solana is the closest thing to the ‘world computer’ blockchain developers conceptualized in the early days of crypto,” explains Kyle Samani, Cofounder and Managing Partner of Multicoin Capital. “While many developers have proposed [[sharding]] solutions for scaling existing layer 1 solutions, all of those solutions introduce a tremendous amount of complexity and create new user experience problems. Solana has done it differently — and is one of the most compelling layer 1 platforms we’ve evaluated to date. We’re very proud to lead this round, and we encourage developers everywhere to take a serious look at Solana.” ''And [https://www.coindesk.com/solana-blockchain-adds-korean-stablecoin-terra-for-better-payments according] to [[CoinDesk]] (15-4-2020):
* [[Solana]], on [https://solana.com/solana-completes-20-million-raise-led-by-multicoin-capital/ why]: ''"Solana is the closest thing to the ‘world computer’ blockchain developers conceptualized in the early days of crypto,” explains Kyle Samani, Cofounder and Managing Partner of Multicoin Capital. “While [[MANY|many]] developers have proposed [[sharding]] solutions for scaling existing [[layer 1]] solutions, all of those solutions introduce a tremendous amount of complexity and create new user experience problems. Solana has done it differently — and is one of the most compelling layer 1 platforms we’ve evaluated to date. We’re very proud to lead this round, and we encourage developers everywhere to take a serious look at Solana.” ''And [https://www.coindesk.com/solana-blockchain-adds-korean-stablecoin-terra-for-better-payments according] to [[CoinDesk]] (15-4-2020):
''"''Though its [[white paper]] came out in 2017, it only went live late last year, following a Series A round led by Multicoin Capital in July 2019. Solana has since been looking for partnerships to expand its reach."'
''"''Though its [[white paper]] came out in 2017, it only went live late last year, following a Series A round led by Multicoin Capital in July 2019. Solana has since been looking for partnerships to expand its reach."'


Has multiple connections with Solana through FTX and [[Audius]].'''<nowiki/>'''
Has multiple connections with Solana through FTX and [[Audius]].'''<nowiki/>'''
* [[Spring Network|Spring Labs]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Spring Network|Spring Labs]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* StarkWare; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
* [[StarkWare]]; holds a [https://multicoin.capital/2020/11/24/the-defi-stack/?mc_cid=4ac674e100 position] (25-11-2020).
* [[Swivel Finance|Swivel]]; [https://swivel.substack.com/p/swivel-finance-closes-115m-seed-round participated] in the S1.15M seed round, along many other participants (10-12-2020).
* [[Swivel Finance|Swivel]]; [https://swivel.substack.com/p/swivel-finance-closes-115m-seed-round participated] in the S1.15M [[seed]] round, along [[MANY|many]] other participants (10-12-2020).
* [[Tagomi]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Tagomi]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Tari]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Tari]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Textile]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
* [[Textile]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
*[[THORChain (RUNE)|THORChain]]; ''"RUNE represents one of our largest public positions."'' ([https://assets.ctfassets.net/qtbqvna1l0yq/5WqbfijNKHtIuEX4a8siDA/4569e7b081c73c7de21e7b14ee87c763/THORChain_Analysis.pdf 3-2021]).
*[[THORChain (RUNE)|THORChain]]; ''"RUNE represents one of our largest public positions."'' ([https://assets.ctfassets.net/qtbqvna1l0yq/5WqbfijNKHtIuEX4a8siDA/4569e7b081c73c7de21e7b14ee87c763/THORChain_Analysis.pdf 3-2021]).
*[[Timeswap]]; [https://link3.to/timeswap_labs mentions] them among their backers (15-5-2023).
*[[TokenTerminal]]; they mention this as one of their 'community members' ([https://tokenterminal.com/ 1-8-2022]), however, due to the nature of the ones named, we can assume these are investors.
*[[Torus]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
*[[Torus]]; in their [https://multicoin.capital/portfolio/ portfolio] (25-11-2020).
*[[Wormhole]]; part of their [https://wormhole.com/wormhole-secures-225-million-in-funding-round/ $225M raise] (29-11-2023).
*[[Worldcoin]]; one of the [https://twitter.com/zachxbt/status/1452033929033224201/photo/1 many VCs] who participated in this controversial project (24-10-2021).
*[[Worldcoin]]; one of the [https://twitter.com/zachxbt/status/1452033929033224201/photo/1 many VCs] who participated in this controversial project (24-10-2021).


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* [[Vinny Lingham]];  
* [[Vinny Lingham]];  
* [[Tushar Jain]]; Managing Partner[[Category:Companies/Organisations]]
* [[Tushar Jain]]; Managing Partner[[Category:Companies/Organisations]]
*Number of Employees: 10-100


=== Funding ===
=== Funding ===


* [https://finance.yahoo.com/news/binance-becomes-limited-partner-multicoin-145044051.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGCuhIYWw0nAlVp2-jLY4WRNcbG9nI4QxmPEQuQpvD2A0In9mHkQ2slTd2teUj1_jkxpjlwxsoslvhp6IeNIrm From] Yahoo (2-3-2021):
* [[Alameda]] turned out to have invested [https://docs.google.com/spreadsheets/d/1xoYqw-5EjQIiunX75UzozzMPOspm0KwFzgA-SKBcvyo/edit#gid=0 $10M] in its 2nd and 3rd fund (8-12-2022).
*[https://finance.yahoo.com/news/binance-becomes-limited-partner-multicoin-145044051.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGCuhIYWw0nAlVp2-jLY4WRNcbG9nI4QxmPEQuQpvD2A0In9mHkQ2slTd2teUj1_jkxpjlwxsoslvhp6IeNIrm From] [[Yahoo]] (2-3-2021):


''"[[Binance]] is joining the ranks of [[Ribbit Capital]], [[Union Square Ventures]] and [[Marc Andreessen]] as backers of Multicoin Capital."''
''"[[Binance]] is joining the ranks of [[Ribbit Capital]], [[Union Square Ventures]] and [[Marc Andreessen]] as backers of Multicoin Capital."''


=== Partners ===
=== Partners ===
[https://www.asiadefi.network/ Mentioned] (13-7-2021) as part of the Investor Network of [[Asia DeFi Network (ADN)]].
 
* [https://www.asiadefi.network/ Mentioned] (13-7-2021) as part of the Investor Network of [[Asia DeFi Network (ADN)]].

Latest revision as of 15:15, 25 September 2024

Basics

  • "A thesis-driven cryptofund offering LPs venture capital economics with all the advantages of public market liquidity"
  • Location: Austin, Texas
  • Founded Date: 2017
  • In a short thread about VCs and dumping, this fund was a slow dumper (4-6-2022):

"They have yet to transfer the May unlock to an exchange, but the December and March unlocks ended up on Binance within a few days."

Investments

"FTX is building a DEX, Serum, on the Solana blockchain with the help of partners like Kyber Network and Multicoin Capital. Serum is cross-chain comptaible, giving it access to liquidity on DeFi dApps on Ethereum. The DEX will run on a central limit orderbook, but will still operate in a trustless manner."

Is not on their website's portfolio as of 25-11-2020.

"Though its white paper came out in 2017, it only went live late last year, following a Series A round led by Multicoin Capital in July 2019. Solana has since been looking for partnerships to expand its reach."'

Has multiple connections with Solana through FTX and Audius.

Team, Funding, etc.

Team

Funding

  • Alameda turned out to have invested $10M in its 2nd and 3rd fund (8-12-2022).
  • From Yahoo (2-3-2021):

"Binance is joining the ranks of Ribbit Capital, Union Square Ventures and Marc Andreessen as backers of Multicoin Capital."

Partners