Difference between revisions of "Multicoin Capital"

Latest revision as of 02:45, 11 December 2023

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

Multicoin Capital got hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange (9-11-2022). Blockworks claimed it was 55%. Later it turned out to be 91.4% lost in 2022, according to the firm’s annual letter to investors.
0x. Was 'long on 0x ' in 14-12-2017, and wrote this Analysis piece. Is not on their website's portfolio anymore as of 25-11-2020.
AAVE; holds a position (25-11-2020).
Algorand; in their portfolio (25-11-2020).
Aptos; took part in their $200m strategic round (15-3-2022). Also part of next round of $150M (26-7-2022).
Arweave; in their portfolio (25-11-2020).
Audius. Led a second round in 2020.
Bakkt; in their portfolio (25-11-2020).
Braintrust; according to this thread (8-2021).
DFINITY; in their portfolio (25-11-2020).
dForce. Was part of a $1.5M (14-4-2020) funding round for dForce (which got 99% of it's funds hacked, 19-4-2020).
Dune Analytics; in their portfolio (25-11-2020). Participated once more in the $8M round (12-8-2021).
Enso Finance; part of a $5M funding round (13-4-2021).
Helium; in their portfolio (25-11-2020). Also part of a $111M token sale (11-8-2021).
Filebase; part of a $2M seed funding (20-4-2021).
Furucombo; one of the participants in a $1.85$ raise (7-1-2021).
FTX. From Crypto Briefing (27-7-2020):

"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.

The Graph. Participated (7-2020) a $5M token sale for The Graph, together with Coinbase Ventures, DTC Capital, and others.
KEEP; in their portfolio (25-11-2020).
LayerZero; part of their first Series A round of $6M in 9-2021.
Livepeer; in their portfolio (25-11-2020).
MathWallet. Invested $7.8M in MathWallet together with Alameda Research (12-10-2020).
MobileCoin; in their portfolio (25-11-2020).
NEAR; holds a position (25-11-2020).
Nervos; in their portfolio (25-11-2020).
Oxygen; part of a $40M raise (24-2-2021).
Perpetual Protocol; holds a position (25-11-2020).
Pyth; participated in its first announced round (5-12-2023).
Saffron Finance; is mentioned as a strategic partner (8-3-2021).
Sei; mentioned as one of the trusted investors on Sei's website (13-10-2022).
Skale. Is on the list of supporters of Skale (31-7-2020).
Solana, on 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 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."'

Has multiple connections with Solana through FTX and Audius.

Spring Labs; in their portfolio (25-11-2020).
StarkWare; holds a position (25-11-2020).
Swivel; participated in the S1.15M seed round, along many other participants (10-12-2020).
Tagomi; in their portfolio (25-11-2020).
Tari; in their portfolio (25-11-2020).
Textile; in their portfolio (25-11-2020).
THORChain; "RUNE represents one of our largest public positions." (3-2021).
Timeswap; mentions them among their backers (15-5-2023).
TokenTerminal; they mention this as one of their 'community members' (1-8-2022), however, due to the nature of the ones named, we can assume these are investors.
Torus; in their portfolio (25-11-2020).
Wormhole; part of their $225M raise (29-11-2023).
Worldcoin; one of the many VCs who participated in this controversial project (24-10-2021).

Team, Funding, etc.

Team

Kyle Samani; co-founder and Managing Partner
Vinny Lingham;
Tushar Jain; Managing Partner
Number of Employees: 10-100

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

Mentioned (13-7-2021) as part of the Investor Network of Asia DeFi Network (ADN).

@@ Line 7: / Line 7: @@
 == Investments ==
-* 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%.
+* 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).
@@ Line 38: / Line 38: @@
 *[[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).
+*[[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).
 *[[Sei]]; [https://www.seinetwork.io/ mentioned] as one of the trusted investors on Sei's website (13-10-2022).
@@ Line 52: / Line 53: @@
 * [[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]).
+*[[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).
+*[[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).