Multicoin Capital Bets on Trasia in Its First Move Into the Hyperliquid Ecosystem

Multicoin Capital has reached a symbolic milestone: the Texas-based crypto fund has just made its first investment in the Hyperliquid ecosystem, backing Trasia, a trading platform built for Asian markets.

Behind the project stands a well-known figure in the industry: Mable Jiang, a former partner at Multicoin Capital itself, who is now co-founding the platform she aims to establish as the go-to reference for on-chain trading across Asia.

An investment that says as much about Hyperliquid‘s trajectory as it does about the geographic ambitions of major American crypto funds.

Trasia: A Platform Built for Asian Traders, Powered by Hyperliquid

Trasia is built directly on Hyperliquid, the perpetual derivatives DEX that has established itself as one of the most high-performing protocols of the current cycle. By choosing this infrastructure, Trasia commits to a fully on-chain architecture with no centralized order book, reduced latency, and complete position transparency — compelling arguments for institutional and semi-professional traders alike.

Trasia’s editorial angle is clear: target Asian markets, a region that has historically dominated crypto trading volumes yet remains consistently underserved by Western platforms. Southeast Asia, South Korea, Japan, and Taiwan represent deep pools of active users with distinct trading behaviors — a strong appetite for altcoins, high-leverage perpetuals, and sessions that run through European nighttime hours.

Mable Jiang, who spent several years at Multicoin Capital covering precisely these markets, brings rare on-the-ground knowledge to the table. Her credibility within the Asian ecosystem is arguably one of Trasia’s most valuable assets, beyond the technology itself.

Why This Deal Reveals Hyperliquid’s Rise as an Investment Ecosystem

The fact that Multicoin Capital chose Hyperliquid for its first investment in this ecosystem is far from coincidental. The fund, known for its early-stage bets on infrastructure plays like Solana, is applying a similar logic here: identify a protocol with strong value-capture potential, then back the applications that will drive usage and liquidity across that network.

Hyperliquid experienced spectacular growth throughout 2024 and into early 2025, with perpetual trading volumes regularly rivaling those of established centralized exchanges. Its native token HYPE has drawn significant institutional attention, and the application ecosystem is beginning to take shape around the base layer. Trasia fits squarely into this dynamic: a vertical application with a well-defined target market, capable of generating recurring volume on the protocol.

For Multicoin, the investment in Trasia serves a dual purpose: gaining exposure to Hyperliquid’s growth through a high-adoption-potential application, while capitalizing on Mable Jiang‘s Asian network and expertise — a combination that would be difficult for less geographically positioned competitors to replicate.