Multicoin Capital invests in Trasia, an Asia-focused DEX platform built on Hyperliquid, co-founded by former Multicoin partner Mable Jiang.
DeFi & Yields ·
Multicoin Capital has deployed $1.75 million into Trasia Labs as the sole investor in the startup's seed round, marking the venture firm's first investment within the Hyperliquid ecosystem. Trasia operates a perpetual futures trading platform designed for Asian traders and was co-founded by Mable Jiang, a former Multicoin Capital partner who previously held the chief revenue officer position at Find Satoshi Lab. Jiang departed FSL in May 2025 and established Trasia that same month alongside Edison Chen, a web3 developer since 2017.
The platform builds atop Hyperliquid using the HIP-3 framework, which permits developers to create independent perpetual futures exchanges by staking 500,000 HYPE as a bond. Trasia has already launched a web interface in Chinese and English, with a mobile application targeted for August release. More than $35 million in combined HYPE and USDC has been committed to support the launch of Trasia's Asian equity perpetuals market, though the startup declined to detail how these funds would be allocated across liquidity and other uses.
Trasia chose a limited capital raise to prioritize product launch and user traction before pursuing additional funding. The platform initially provides access to Hyperliquid's native perpetual markets, with Trasia's own contracts planned for later in 2025. Initial focus centers on AI infrastructure-related contracts, particularly companies nearing public offerings or drawing significant investor activity across Asia.