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Binance Invests in Multicoin Capital Crypto Fund
It's the first time the crypto exchange has made an investment in an outside fund.
Binance is joining the ranks of Ribbit Capital, Union Square Ventures and Marc Andreessen as backers of Multicoin Capital, a cryptocurrency investment firm based in Austin, Texas.
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It's the first such investment for the global crypto exchange, which has previously backed early-stage projects through its Binance Labs venture arm. The amount of the investment was not disclosed.
"We have worked with Multicoin Capital on several occasions, mainly to identify, incubate and invest in several early-stage blockchain projects," Binance wrote in a blog post published Tuesday. "With this new investment, we affirm our conviction in Multicoin's process and expertise as fund managers."
A spokesman for Multicoin said Binance is joining an open-end hedge fund. The firm most recently revealed a sizable bet on THORChain's RUNE token.
"We have invested thousands of hours researching Binance and can say unequivocally that it is one of the most strategically important infrastructure providers in the blockchain ecosystem," Multicoin Capital managing partner Tushar Jain said in a statement. "This investment represents a major vote of confidence for our firm and a significant responsibility that we are prepared to take on."
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
