Multicoin Capital

Multicoin Capital is a venture capital firm based in Austin, Texas, that pursues long-term, thesis-driven investments in cryptocurrency and blockchain tokens. It aims to reshape entire sectors of the global economy by funding projects that advance decentralized systems and permissionless finance, supporting the transition from centralized institutions to a more open internet-enabled economy.

Spencer Applebaum

Principal

Jody Goehring

Investor

Tushar Jain

Managing Partner

Mable Jiang

Partner

Vishal Kankani

Principal

Young Ling

Analyst

Kyle Samani

Managing Partner

Shayon Sengupta

Associate

Brian Smith

Partner

Aleksija Vujicic

Associate

Past deals in Ethereum

Across Protocol

Initial Coin Offering in 2025
Across is a cross-chain bridge secured by UMA's optimistic oracle for L2s and rollups. It also optimized for capital efficiency with a single liquidity pool, a competitive relayer landscape, and a no-slippage fee model.

Squads

Venture Round in 2023
Squads is a developer of a decentralized program that enables the establishment of better and easier decentralized autonomous groups. The company's application combines all of the key components of a decentralized autonomous organization, such as deployment, treasury, vault management, on-chain voting, and chat, into a single portal with an easy-to-use interface, allowing users to streamline daily operations using a decentralized autonomous organization structure.

Fhenix

Seed Round in 2023
Fhenix is a blockchain company that pioneers the use of homomorphic encryption in its proprietary blockchain network. It enables Ethereum developers to create encrypted smart contracts and perform computations on encrypted data using familiar tools like Solidity.

Tableland

Series A in 2023
Tableland is a decentralized relational database designed for web3 developers. Built upon SQLite, it enables creation of complex data models for decentralized applications, games, NFTs, and more.

Hubble Protocol

Venture Round in 2022
Hubble Protocol is a decentralized financial platform that facilitates long-term borrowing, lending, and the creation of structured financial products. It aims to democratize access to decentralized finance by offering a range of sustainable financial services. The protocol's software supports multi-asset collateral and enables zero-interest borrowing, allowing users to leverage yield-bearing assets for loans. Additionally, Hubble enhances yield generation on deposits of various tokens, providing clients with optimized financial opportunities while minimizing costs associated with loans.

Squads

Venture Round in 2022
Squads is a developer of a decentralized program that enables the establishment of better and easier decentralized autonomous groups. The company's application combines all of the key components of a decentralized autonomous organization, such as deployment, treasury, vault management, on-chain voting, and chat, into a single portal with an easy-to-use interface, allowing users to streamline daily operations using a decentralized autonomous organization structure.

Dune Analytics

Series B in 2022
Founded in 2018 by Fredrik Haga and Mats Olsen, Dune Analytics specializes in Ethereum blockchain research. It offers a powerful tool for querying, extracting, visualizing, and sharing vast amounts of on-chain crypto data.

FTX US Derivatives

Series A in 2022
FTX US is a bitcoin options exchange designed to assist both individual traders and institutions in trading. FTX US allows users to trade a variety of digital assets like Bitcoin, Ethereum, Solana, and Dogecoin. The company was founded by Sam Bankman-Fried and Gary Wang in 2020 and is based in San Francisco, California.

Timeswap

Seed Round in 2021
Timeswap is a decentralized finance platform that facilitates both lending and borrowing of Ethereum-based ERC20 tokens. It offers users flexibility in managing their risk-return profile through adjustable interest rates and collateral factors, and enables the creation of token pools by providing liquidity.

Eden Network

Seed Round in 2021
Eden Network is a blockchain infrastructure company that focuses on enhancing transaction safety for traders and providing transaction priority for NFT minters. It develops a suite of Ethereum smart contracts that adhere to the principles of progressive decentralization, allowing token holders to participate in governance through private communication channels and decision-making processes. The company also offers essential liquid staking and validation infrastructure aimed at optimizing yield generation, increasing total value locked (TVL), and fostering overall network growth. By prioritizing both security and user governance, Eden Network seeks to create a more efficient and decentralized trading environment.

UXD Protocol

Seed Round in 2021
UXD Protocol operates a decentralized platform on the Solana blockchain. It facilitates digital asset transactions through an algorithmic stablecoin that automatically generates interest and maintains its peg by balancing different cryptocurrencies as collateral.

Dune Analytics

Series A in 2021
Founded in 2018 by Fredrik Haga and Mats Olsen, Dune Analytics specializes in Ethereum blockchain research. It offers a powerful tool for querying, extracting, visualizing, and sharing vast amounts of on-chain crypto data.

Enso Finance

Venture Round in 2021
The world's first intent engine powering the intent-centric future. A layer-1 tendermint-based blockchain, storing state from EVM, SVM, and MVM chains to enable execution on all blockchain frameworks.

Sommelier

Seed Round in 2021
Sommelier is a decentralized finance platform built on the Cosmos Stargate SDK with a Tendermint-based consensus layer and a bi-directional Ethereum bridge, operated by a global network of validators. It enables liquidity providers to author and execute automated, complex financial transactions such as portfolio rebalancing and limit orders, offering features traditionally associated with centralized finance but within DeFi. The platform uses a modular protocol and decentralized governance to manage automated signature processes and cross-chain interactions, supporting secure, programmable trading and liquidity management.

MathWallet

Series A in 2020
MathWallet is a multi-platform cryptocurrency wallet that supports over 50 public blockchains, allowing users to store Bitcoin and major altcoins, including Ethereum, EOS, and Tron. The wallet is designed to facilitate various functions such as trading, payments, and accessing cryptocurrency news while enabling the secure storage and management of multi-chain tokens and decentralized applications (dApps). MathWallet offers a cross-chain token exchange feature and operates nodes for proof-of-stake chains. It is available across multiple formats, including mobile applications, browser extensions, web interfaces, and hardware solutions, providing users with convenient access to a wide range of cryptocurrency services.

Dune Analytics

Seed Round in 2020
Founded in 2018 by Fredrik Haga and Mats Olsen, Dune Analytics specializes in Ethereum blockchain research. It offers a powerful tool for querying, extracting, visualizing, and sharing vast amounts of on-chain crypto data.

The Graph

Seed Round in 2019
The Graph is an indexing and query protocol for decentralized networks that enables developers to publish open APIs, called subgraphs, which applications can query with GraphQL to retrieve blockchain data. A hosted service is in production to help developers start quickly, while a decentralized network is launching. It currently indices data from Ethereum, IPFS and POA, with more networks planned. Thousands of developers have deployed subgraphs for DApps such as Uniswap, Synthetix, Aragon, Aave, Gnosis, Balancer, Livepeer, DAOstack and Decentraland. The Graph supports a global community of participants, including indexers and curators, to maintain and curate the data network.

Kadena

Funding Round in 2018
Kadena develops a hybrid blockchain platform that addresses Bitcoin's scaling challenges and Ethereum's security issues. It offers ScalableBFT consensus protocol, Pact programming language for transactional logic, and confidentiality settings to protect sensitive transaction details. Founded in 2016 by former JP Morgan blockchain creators and SEC professionals, Kadena is headquartered in Brooklyn, New York.

Kadena

Seed Round in 2018
Kadena develops a hybrid blockchain platform that addresses Bitcoin's scaling challenges and Ethereum's security issues. It offers ScalableBFT consensus protocol, Pact programming language for transactional logic, and confidentiality settings to protect sensitive transaction details. Founded in 2016 by former JP Morgan blockchain creators and SEC professionals, Kadena is headquartered in Brooklyn, New York.

The Graph

The Graph is an indexing and query protocol for decentralized networks that enables developers to publish open APIs, called subgraphs, which applications can query with GraphQL to retrieve blockchain data. A hosted service is in production to help developers start quickly, while a decentralized network is launching. It currently indices data from Ethereum, IPFS and POA, with more networks planned. Thousands of developers have deployed subgraphs for DApps such as Uniswap, Synthetix, Aragon, Aave, Gnosis, Balancer, Livepeer, DAOstack and Decentraland. The Graph supports a global community of participants, including indexers and curators, to maintain and curate the data network.
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