Multicoin Capital has invested $1.75 million in Trasia Labs, the team building an Asia-focused perpetual futures trading platform on Hyperliquid, in a seed round where it was the sole investor, co-founder Mable Jiang told The Block. The deal marks Multicoin's first equity investment in the Hyperliquid ecosystem, following its previously disclosed purchase of the protocol's HYPE token.

Multicoin said late last month that it initiated a large HYPE position early this year and has been accumulating since, with HYPE now one of the largest holdings in its liquid fund. Trasia began fundraising in May and closed the round last month; Jiang declined to disclose the round structure, valuation or whether Multicoin took a board or observer seat.

Jiang previously worked as a partner at Multicoin Capital and most recently served as chief revenue officer at Find Satoshi Lab, the studio behind move-to-earn app Stepn. She left FSL in May 2025 and co-founded Trasia that same month with Edison Chen, who has been building in web3 since 2017. The company has a 10-person team primarily based across Hong Kong, Taiwan and Tokyo.

Trasia is building a Hyperliquid-based perp venue under the HIP-3 framework, with a focus on Asian traders. Jiang said more than $35 million in HYPE and USDC has been "committed" to launching Trasia's HIP-3 Asian equity perpetuals market, adding that the capital would support "various purposes" rather than strictly serving as liquidity. HIP-3 requires developers to post a 500,000 HYPE staking bond to spin up their own decentralized perpetuals exchange, with Trade.xyz currently the largest HIP-3 application by trading volume.

The platform has launched a web interface in Chinese and English and plans a native mobile app in August, along with an invite-only trading rewards program called Asia Points for early users. Trasia initially lists Hyperliquid's native perp markets and will introduce its own later this year, with an initial focus on companies tied to AI infrastructure and approaching public listings or seeing strong investor interest across Asia.

Jiang said Trasia aims to reach users who have never heard of Hyperliquid or Trade.xyz and are often unfamiliar with onchain trading, leaning on a mobile-first UX, regional distribution and local networks. "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," she said. "The real moat is the unique users you can reach and own."

"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," Multicoin Capital managing partner and CIO Tushar Jain said.

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