Multicoin Capital took its first step into the Hyperliquid ecosystem by investing US$ 1,75 million in Trasia Labs, a startup developing a perpetual contracts platform aimed at the Asian market. The investment marks the firm's debut in projects built on Hyperliquid's infrastructure, after increasing its exposure to the HYPE token in recent months.
Trasia was founded by Mable Jiang and Edison Chen. Jiang was previously part of Multicoin Capital and later worked at Find Satoshi Lab before creating the new company. According to the executive, the round was deliberately kept lean so that the team can launch the products and prove adoption before seeking new investors.
According to Jiang, more than US$ 35 million in HYPE and USDC have already been committed to the launch of Trasia's HIP-3 market. The capital will be used on different fronts of the operation, including the structure necessary for the platform to function.
HIP-3 allows developers to create decentralized perpetual contracts exchanges using Hyperliquid's infrastructure by depositing 500 mil HYPE as collateral. The proposal has been attracting new projects that want to offer their own markets on the network.
Trasia will begin its operations with Hyperliquid's native markets and, later, launch its own contracts. The initial focus will be on companies tied to artificial intelligence infrastructure, especially those close to going public or that are already drawing interest from Asian investors.
Explaining the strategy, Jiang stated: "If all of our trading flow today came from the same group as Trade.xyz — the same group of traders — we wouldn't stand the slightest chance. The real competitive differentiator lies in the unique users you can reach and retain."
The company intends to win over users who do not yet use Hyperliquid nor trade cryptocurrencies on-chain, betting on a mobile experience and regional channels. "We also have team members with strong regional connections," Jiang added.
For Tushar Jain, managing partner and CIO of Multicoin Capital, "We have a long track record in the Hyperliquid ecosystem and expect Trasia to quickly gain significant market share and become a dominant force in the coming years".