Multicoin Capital Injects $430m Venture Fund III for Blockchain Startups

Cryptocurrency investment firm Multicoin Capital has announced the launch of $430 million Venture Fund III to help startups focusing on decentralized autonomous organizations (DAOs), open finance, and Web3 infrastructure.

In this round of funding, the firm said Venture Fund III would invest between $500,000 and $25 million in early-stage blockchain projects or companies, adding that it may invest up to 100 million US dollars or more in supporting mature projects with potential market influence in the future.

Samani, managing partner at Multicoin Capital, commented on the latest move and said, “We are continuing to invest at a fairly rapid pace, issuing, on average, probably one term sheet per week or more for a long time like over a year… We invest across market cycles, we find assets that we think are very exciting and we buy them and then hold them forever.”

Founded in 2017, Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets.

Multicoin Capital is the lead investor in data DAO project Delphia, which closed a $60 million Series A in June.

In May, Crypto Valley Venture Capital (CV VC), a Switzerland-headquartered private venture capital company, announced that it has launched African Blockchain Early-Stage Fund, which targets blockchain startups from across the continent.

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Metaplex Raises $46M to Grow Solana NFT Ecosystem

Key Takeaways

  • The Metaplex Foundation has closed a $46 million strategic funding round.
  • The foundation stated it would use the funds to provide grants, support ecosystem development, and empower creators.
  • Capital has been flooding into the Solana ecosystem in recent weeks.

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The Metaplex Foundation has raised $46 million from investors to expand support for NFT, gaming, and Metaverse applications.

Metaplex Completes Raise

Solana’s NFT ecosystem is about to get a boost thanks to Metaplex.

The Metaplex Foundation, an organization dedicated to developing the Metaplex Protocol, has closed a $46 million funding round co-led by Multicoin Capital and Jump Crypto. The raise also saw participation from Solana Ventures, Alameda Research, Animoca Brands, and more than 90 NFT aficionados, including basketball star Michael Jordan and the pseudonymous NFT collector Cozomo de’ Medici.

Metaplex is a permissionless protocol that helps users mint and deploy NFTs on Solana. So far, it has been used to create over 5.7 million NFTs for 85,000 projects. Innovations such as Metaplex’s Candy Machine allow users to upload images along with their metadata to the decentralized storage network Arweave then register them on the Solana blockchain. It aims to streamline the process of launching NFT collections and ensure that every mint is fair, meaning the distribution of NFTs from a collection is random and unpredictable. As a result of the NFT market boom in 2021, sought-after collections are frequently oversubscribed on launch. High demand for NFTs caused many issues and so-called “gas wars” on Solana and Ethereum last year. 

Many of the most successful Solana NFT collections, such as Solana Monkey Business, used Metaplex Candy Machine to conduct their mints and store their NFTs’ images and metadata on Arweave.

The Metaplex Foundation has stated that it will use funds from the raise to provide grants, support ecosystem development, and empower creators from underrepresented communities. Additionally, the Foundation also plans to prioritize support for Metaverse and gaming applications in 2022. “Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experiences,” says Metaplex Foundation director Sergey Vasylchuk. 

While Solana has suffered from network issues and weak price action in recent months, funding for projects building on the blockchain is showing no signs of slowing. Earlier this month, Serum, the decentralized exchange that underpins Solana’s DeFi ecosystem, announced it had raised $70 million to grow the order book-based market and fund new projects. 

Also worth noting is the Solana DeFi project Exotic Markets, which raised $5 million in the same week. Several firms that contributed to today’s Metaplex raise also took part in the funding for Exotic Markets, including Multicoin Capital, Alameda Research, and Animoca Brands. Despite the downward trend in the wider crypto market, it’s clear a small number of teams are betting big on Solana’s growth potential. 

Disclosure: At the time of writing this feature, the author owned ETH, SOL, and several other cryptocurrencies. 

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Jenny Metaverse DAO Pools $7M to Support Unicly Launch

May 12th, 2021 – Jenny, the first Metaverse DAO and social token on Unicly, has announced the completion of a $7 million pool led by prominent VCs Multicoin Capital, Ascensive Assets, Animoca Brands and Metapurse (by Metakovan). Funds will support Jenny DAO’s NFT collection on Unicly, the SushiSwap-based AMM for trading shared ownership in NFT collections.

The Jenny DAO’s NFT collection (uJENNY token) is set to officially launch on Unicly at approximately 10am EST on May 13.

A host of major names from the blockchain investment world participated in Jenny’s $7m pool including, 0xb1, IOSG Ventures, Moonrock Capital, Morningstar Ventures, The Spartan Group, 3Commas, Vendetta Capital, Hillrise Ventures, Building Blocks and Windfall LLC (by world-famous Youtuber Mr. Beast). Notable angel investors also made up a portion of the pool including Quantstamp founder Richard Ma, ParaFi partner Santiago Roel, Bestselling author Neil Strauss, and the co-founders of CoinGecko.

Jenny has also onboarded a host of high tier advisors to the project including Yield Guild Games founder Gabby Dizon, High Stakes Poker Player Tom “Durrrr” Dawn, world media personality Paris Hilton, Jack Herrick the founder of WikiHow, Nick Emmons the founder and CEO of Upshot, Elliott Bisnow the Founder of Summit Series, and Jeff Lo, ex-Managing Director of Fortress Investment Group.

Mable Jiang, partner at Multicoin Capital, said:

“We’re excited to be part of the JENNY DAO. Unicly is good for both NFT connoisseurs and speculative investors. For NFT owners, fractionalization improves capital efficiency for their NFT assets and offers an active venue of continuous price discovery (through the price of the uToken). For uToken holders, they get lower entry barriers, faster liquidity (as they can always sell the uTokens on the AMM instead of waiting for the final bid), and governance rights of the collection. An NFT fractionalization protocol like Unicly can make the NFT market more accessible and inclusive for everyone. We look forward to seeing how community members participate in the JENNY DAO.”

Operating under a DAO framework, the Jenny community may freely elect to have a liquidity event on the Unicly protocol where the DAO tokens for its NFT collection will be minted and debuted. Funds raised from the sale of the Jenny token (uJENNY) will be transferred to a multisignature DAO address, where the community will decide its uses.

Industry leader Andrew Steinwold of Sfermion Capital has taken notice of the Unicly protocol, which the Jenny Metaverse DAO will utilize.

“Unicly is democratizing the finalization of NFTs. Fractionalization, trading or combining, Unicly is empowering curators and the wider crypto community who want ready exposure to NFTs. The Jenny DAO is an incredible addition to the Unicly protocol because it creates a protocol power-user, that will be discovering and acquiring NFTs, from day one alongside the broader Unicly community.” 

70% of the funds raised from the initial sale of the Jenny token have been allocated towards acquiring NFTs. The DAO will oversee the purchase of NFTs which will then be added to a vault controlled by the Unicly protocol’s smart contracts. Releasing the NFTs will require reaching a particular voting threshold as determined by Jenny token holders. Upon the bidding for specific NFTs reaching a certain price point, the DAO can vote on whether to release and sell these to third parties.

Unicly has already seen Beeples, Crypto Punks, Hashmasks, Autoglyphs, MoonCats, Doki Doki, Waifu, Chris McCann, Sandbox, Axie infinity, Aavegotchi, F1 Delta Time, and many more promising NFT collections being created since launching. uPUNK, the Crypto Punks collection, leads in market cap at $26M. In addition to Jenny, collections from Terra Virtua and Meebits are poised to launch on Unicly. These collections are on course to be approved for Unicly’s initial whitelist, allowing liquidity providers from their respective communities to mine the Unicly protocol’s governance token, UNIC.

Yat Siu – Animoca Brands:

“The Jenny DAO is another demonstration of the benefits that true digital ownership can deliver. It will also help in bringing more awareness to NFTs by making them more accessible through the Jenny DAO framework.”

About Jenny

Jenny is a community-controlled Metaverse DAO launching an NFT collection through Unicly. Using Unicly, Jenny enables anyone to obtain ownership of its NFTs. DAO members exert full control over Jenny, with token holders voting on vault parameters, treasury management, and NFT buying and selling via multisig.

About Unicly

The Unicly Protocol provides a system to combine, fractionalize, and trade NFTs. It enables NFT collections to be transformed into tradable assets with guaranteed liquidity. Using uTokens, Unicly empowers NFT collectors to acquire a stake in multiple NFTs in a single transaction and to own shards of a variety of NFTs. Unicly combines elements of AMMs, NFT auctions, farming, and decentralized governance to create an all-purpose NFT gallery and trading platform.

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THORChain (RUNE) Price Soars After Multicoin Capital’s Heavy Investment

While many investors in the cryptospace focus a great deal on the high flyer cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Polkadot (DOT) amongst others, other digital tokens including THORChain (RUNE) are also getting backing from crypto investment firms and are outperforming the market as a result.

In the latest spate of its cryptocurrency bets, Multicoin Capital, an emerging investor in the space has announced the acquisition of a large position in RUNE tokens, a significant milestone for the token seen in the cryptospace as highly undervalued.

“I’m excited to announce that Multicoin has accumulated a large position in $RUNE and share our research report on THORChain. THORChain provides a trust-minimized way to trade spot tokens (not just derivatives) across blockchains,” said Tushar Jain, Multicoin Capital’s Manager Partner, We believe the number of chains with exciting projects built on them will only continue to grow for the next several years. We believe THORChain’s RUNE token is the best way to invest in the growing diversity of the crypto ecosystem.”

The bet by Multicoin Capital is sending RUNE price to the moon. According to Coingecko, the token has gained 30.8% in the past 24 hours, after defying the general dip experienced in the market, a couple of days back.

Uncommon Bet For A Money Bag

The world of cryptocurrencies today is filled with numerous investment moves by crypto assets management firms, and hedge funds amongst others. Investments into a cryptocurrency that is neither Bitcoin nor any of the top altcoins is highly unusual for an investment firm.

While the THORChain (RUNE) backing may come as a surprise to many, it is an indication that space is maturing and investors are not just moved by the price attractions of today, but by the value offerings and future prospects.

While RUNE may not be Bitcoin that was recently purchased by payment services giant Square Inc, it sure has the backing of a money bag that believes in its future. 

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RUNE soars after Multichain capital reveals large position

Thorchain’s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital revealed that it has accumulated a large position in the asset.

RUNE was trading at roughly $3.90 on Feb. 23 before Multicoin announced their investment, which sent prices soaring to new all-time highs at $5.61.

RUNE/USD: CoinGecko

THORChain’s token was largely unaffected by the Feb. 22 crash that saw BTC and many altcoins dip significantly, with RUNE up 34% in the past seven days. This announcement comes off the back of a strong year for RUNE, with the price up almost 62,000% since it launched 18 months ago.

The rally has pushed RUNE up the market cap rankings to now rank as the 60th-largest crypto asset, with a total capitalization of $1.24 billion.

THORChain started in 2018 and is a decentralized cross-chain automated market maker (AMM) exchange allowing users to trade spot tokens across blockchains.

Alongside the announcement, Multicoin shared a research report in which they outlined the potential of THORChain. The report revealed that the investment firm is excited about the ability to trading tokens between different blockchains as a key opportunity for traders:

“Trading is one of the primary use cases for crypto. However, trading across chains requires users to trust centralized exchanges and use two wallets […] This process is clunky. Swapping PERP tokens on Ethereum for SRM tokens on Solana is a UX nightmare.”

Multicoin is a crypto investment firm founded in 2017, that invests in blockchain companies, cryptocurrencies, and tokens. The firm invested in decentralized music sharing service Audius in October 2020, and recently


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