Multicoin Capital makes first Hyperliquid ecosystem investment in Trasia, an Asia-focused trading platform

Multicoin Capital has invested in Trasia Labs, the team behind an Asia-focused perpetual futures trading platform built on Hyperliquid, marking the venture firm's first investment in the Hyperliquid ecosystem, a Multicoin spokesperson told The Block.The investment comes shortly after Multicoin disclosed an investment in the Hyperliquid token itself late last month, when it published a detailed investment thesis on the protocol. At the time, Multicoin said it initiated a large HYPE position early this year and has been accumulating since, with HYPE now representing one of the largest positions in its liquid fund.As for Trasia, Multicoin has invested $1.75 million in the startup as the sole investor in its seed round, Trasia co-founder Mable Jiang told The Block.Jiang is a former Multicoin Capital partner and most recently served as chief revenue officer at Find Satoshi Lab (FSL), the web3 development studio behind the move-to-earn app Stepn. Jiang said she left FSL in May 2025 and co-founded Trasia this May with Edison Chen, who has been building in web3 since 2017.Trasia began fundraising in May and closed the round last month, Jiang said, declining to disclose the structure of the round, the valuation or whether Multicoin received a board or observer seat.Jiang said Trasia intentionally raised only a small amount of outside capital because the team wants to first launch its products and demonstrate traction before raising additional funding. She added that more than $35 million in HYPE and USDC has been "committed" to launching Trasia's HIP-3 Asian equity perpetuals market. Asked whether that amount would primarily be used as liquidity, Jiang said it would support "various purposes."HIP-3, or Hyperliquid Improvement Proposal 3, allows developers to create their own decentralized perpetual futures exchanges on top of Hyperliquid's infrastructure by posting a 500,000 HYPE staking bond. The largest HIP-3 application by trading volume today is Trade.xyz.How Trasia plans to stand outLike Trade.xyz, Trasia is building a Hyperliquid-based perpetual futures platform, but with a focus on Asian traders. Trasia has launched its web trading interface in Chinese and English, with a native mobile app planned for August. Trasia is also set to launch Asia Points, an invite-only trading rewards program for early users.Trasia initially offers Hyperliquid's native perpetual markets before introducing its own later this year. Jiang said the platform has not yet decided which contracts it will launch first because market conditions can change quickly. The initial focus will be on companies involved in AI infrastructure, particularly those approaching public listings or already attracting strong investor interest across Asia.When asked how Trasia differs from Hyperliquid and other HIP-3 platforms such as Trade.xyz, Jiang said the platform can reach users who are not already trading on Hyperliquid or Trade.xyz."If all of our trading flow today came from the same pool as Trade.xyz's — the same group of traders — then we'd have no chance whatsoever," Jiang said. "The real moat is the unique users you can reach and own."Jiang said Trasia is targeting users who have never heard of Hyperliquid or Trade.xyz and, in many cases, are not yet familiar with onchain trading. She said the platform plans to reach those users through a mobile-first experience, regional distribution channels and its local network. "We also have team members who have strong regional connections," she added.Trasia currently has a team of 10 people based primarily across Hong Kong, Taiwan and Tokyo, Jiang said."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.The Funding newsletter: Stay on top of crypto venture capital, M&A, and the broader institutional crypto market with my free newsletter, The Funding, featuring original reporting and analysis every two weeks. Sign up here!Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.