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Multicoin Capital has put $1.75 million into Trasia, a non-custodial trading platform built on Hyperliquid’s infrastructure and aimed squarely at Asian traders. It marks the venture firm’s first direct investment in the Hyperliquid ecosystem, a notable signal given Multicoin’s already-public enthusiasm for the HYPE token itself.
The seed round positions Trasia as an early mover in a gap that’s been hiding in plain sight: localized, user-friendly decentralized trading for a region that accounts for a massive share of global crypto volume but remains underserved by Western-built protocols.
What Trasia is actually building
Trasia is positioning itself as a perpetual futures and equity trading platform that runs directly on Hyperliquid’s on-chain infrastructure. The key selling point is non-custodial architecture, meaning users retain control of their funds rather than trusting a centralized exchange with their assets.
The platform’s web version is already live and supports both Chinese and English languages. A native mobile app is expected to roll out in August 2026, which will be critical for adoption in Asian markets where mobile-first trading dominates user behavior.
The Mable Jiang connection
Trasia’s co-founder Mable Jiang brings a resume that reads like a crypto industry tour. She previously served as a partner at Multicoin Capital itself, and later held the Chief Revenue Officer role at Find Satoshi Lab, the company behind the STEPN move-to-earn app.
Jiang unveiled the investment during Trasia’s web launch event, framing the platform as purpose-built for the specific trading habits and preferences of Asian crypto users. The bilingual launch is the first tangible proof of that thesis.
Multicoin’s broader Hyperliquid thesis
The firm published a detailed HYPE token analysis on June 25, 2026, in which it described HYPE as one of its largest liquid fund positions. That report included a price target of $319 for the token by 2028, suggesting Multicoin sees substantial upside from current levels.
The Trasia investment adds an equity layer to what was previously a liquid token bet. The fact that this is Multicoin’s inaugural Hyperliquid ecosystem investment suggests the firm has been waiting for the right entry point rather than spraying capital across every project that launches on the chain.
What this means for investors
The risk calculus here is worth noting. Building a regulated or semi-regulated trading platform focused on Asia means navigating one of the most complex patchworks of crypto regulation on the planet. Japan, South Korea, Singapore, Hong Kong, and mainland China each have dramatically different approaches to digital asset oversight, ranging from relatively open frameworks to outright prohibitions on certain activities.
The mobile app launch scheduled for August 2026 will be the first real test of product-market fit. Desktop-first DeFi platforms have historically struggled to convert mobile-native user bases in Asia, and Trasia’s success may hinge more on that app experience than on any other single factor.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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