Multicoin Capital made its first Hyperliquid ecosystem investment in Trasia, an Asia-focused trading platform co-founded by former partner Mable Jiang, as HYPE held near $65 amid growing institutional interest in the protocol.
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Multicoin Capital backs Hyperliquid platform Trasia as HYPE holds near $65
Multicoin Capital made its first Hyperliquid ecosystem investment in Trasia, an Asia-focused trading platform co-founded by former partner Mable Jiang, as HYPE traded near $65.
"Trasia is purpose-built to serve Asian traders on Hyperliquid's infrastructure," the firm said in its announcement, noting the platform was co-founded by former Multicoin partner Mable Jiang.
The investment marks the first time Multicoin, one of crypto's most prominent venture funds, has deployed capital directly into the Hyperliquid ecosystem. Trasia is built on Hyperliquid's HyperEVM layer, which provides a general-purpose smart contract environment for developers to build trading applications, vaults and lending protocols around the exchange's liquidity layer.
The deal signals growing institutional confidence in Hyperliquid's model, which has generated about $1.15 billion in cumulative revenue and $828.8 million in annualized revenue, according to DefiLlama. HYPE, the protocol's native token, has held near $65 even as Bitcoin ETFs saw over $8.2 billion in net outflows, with some market participants pointing to a potential capital rotation toward Hyperliquid-based products.
The investment comes as Hyperliquid's ecosystem attracts increasing attention from both retail and institutional participants. T. Rowe Price's newly launched TKNZ Active Crypto ETF, which began trading July 16 on NYSE Arca, allocated 6.45% of its portfolio to HYPE, according to the fund's prospectus. The $1.9 trillion asset manager's fund debuted with roughly $15 million in assets.
Hyperliquid's tokenomics, which direct nearly all protocol revenue toward HYPE buybacks and burns, have been a key draw for investors. The platform's HIP-3 model allows developers to launch perpetual markets for new asset categories, including commodities and other real-world exposures, extending its addressable market beyond crypto-native assets.
Multicoin's bet on Trasia suggests the firm sees Hyperliquid's infrastructure as a foundation for regional trading platforms that can compete with both centralized and decentralized alternatives. Trasia's focus on Asian traders positions it to capture demand from a region that accounts for a significant share of global crypto trading volume.
This article is for informational purposes only and does not constitute investment advice.
[1] Multicoin Capital makes first Hyperliquid ecosystem investment in Trasia, an Asia-focused trading platform[2] Bitcoin ETFs see $8B outflows as Hyperliquid attracts $172M inflows[3] Why Hyperliquid Could Become Crypto's First Financial Infrastructure Platform[4] $1.9 trillion asset manager T. Rowe Price launches first actively managed multi-token crypto ETF - The Block
