Key Takeaways
- • Multicoin Capital invested $1.75 million as the sole investor in Trasia Labs' seed round, marking the venture firm's first direct investment in the Hyperliquid ecosystem following its recent disclosure of a major HYPE token position.
- • Trasia, an Asia-focused non-custodial perpetual futures trading platform built on Hyperliquid, was co-founded by Mable Jiang (former Multicoin Capital partner and ex-chief revenue officer at Find Satoshi Lab) and Edison Chen (web3 builder since 2017) in May 2026.
- • Over $35 million in combined HYPE and USDC has been committed to launch Trasia's HIP-3 Asian equity perpetuals market, with Jiang indicating these funds will support various purposes beyond liquidity.
- • Trasia deliberately raised a modest seed round to establish product-market fit and demonstrate traction before pursuing larger subsequent funding rounds, reflecting a capital-efficient approach to ecosystem development.
- • The investment signals Multicoin's strategic depth in the Hyperliquid ecosystem, moving beyond token-level exposure into application-layer startups targeting high-growth Asian markets.
Summary
Multicoin Capital, a Texas-based thesis-driven investment firm, deployed $1.75 million into Trasia Labs as the sole seed-round investor, establishing its first direct investment in the Hyperliquid protocol ecosystem. The timing is significant: the investment arrives shortly after Multicoin publicly disclosed a substantial position in the HYPE token itself, which the firm initiated early in 2026 and has continued accumulating. According to Multicoin's disclosures, HYPE now represents one of the largest positions in its liquid fund, underscoring the firm's conviction in the protocol's long-term value proposition.
Trasia is a non-custodial perpetual futures trading platform designed specifically to serve Asian market participants on the Hyperliquid blockchain. The platform was co-founded by Mable Jiang, who previously held partnership status at Multicoin Capital and most recently served as chief revenue officer at Find Satoshi Lab (FSL), the web3 development studio behind the move-to-earn application Stepn. Jiang departed FSL in May 2025 and co-founded Trasia that same month alongside Edison Chen, a web3 developer active in the sector since 2017. Trasia initiated fundraising in May 2026 and closed the seed round in June.
The startup has taken a deliberately conservative capital-raising approach. Jiang stated that Trasia raised only a limited amount of outside capital to prioritize product launch and traction before pursuing larger subsequent rounds. The co-founder declined to disclose the round's structure, the company valuation, or whether Multicoin received board or observer representation. However, Jiang disclosed that more than $35 million in HYPE and USDC has been committed to support the launch of Trasia's HIP-3 Asian equity perpetuals market, with these funds designated to support "various purposes" beyond traditional market liquidity.
This investment reflects Multicoin's escalating engagement with the Hyperliquid ecosystem at multiple levels—from core protocol tokenomics to application-layer startups building derivative markets. The involvement of Jiang, a former Multicoin partner with operational experience in consumer-focused crypto ventures at FSL, suggests the firm's confidence in both the founder and Hyperliquid's capacity to support specialized trading venues targeting regional markets.
Trasia is a non-custodial perpetual futures trading platform designed specifically to serve Asian market participants on the Hyperliquid blockchain. The platform was co-founded by Mable Jiang, who previously held partnership status at Multicoin Capital and most recently served as chief revenue officer at Find Satoshi Lab (FSL), the web3 development studio behind the move-to-earn application Stepn. Jiang departed FSL in May 2025 and co-founded Trasia that same month alongside Edison Chen, a web3 developer active in the sector since 2017. Trasia initiated fundraising in May 2026 and closed the seed round in June.
The startup has taken a deliberately conservative capital-raising approach. Jiang stated that Trasia raised only a limited amount of outside capital to prioritize product launch and traction before pursuing larger subsequent rounds. The co-founder declined to disclose the round's structure, the company valuation, or whether Multicoin received board or observer representation. However, Jiang disclosed that more than $35 million in HYPE and USDC has been committed to support the launch of Trasia's HIP-3 Asian equity perpetuals market, with these funds designated to support "various purposes" beyond traditional market liquidity.
This investment reflects Multicoin's escalating engagement with the Hyperliquid ecosystem at multiple levels—from core protocol tokenomics to application-layer startups building derivative markets. The involvement of Jiang, a former Multicoin partner with operational experience in consumer-focused crypto ventures at FSL, suggests the firm's confidence in both the founder and Hyperliquid's capacity to support specialized trading venues targeting regional markets.
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