Multicoin Capital Announced Brand New $430M Venture Fund

Multicoin Capital announced a brand new venture fund worth $430 million as the investment company is already known for backing multiple deFi projects and Web3 projects as well so let’s read more about it in today’s cryptocurrency news.

Multicoin plans to use the fund for investment in projects that can reshape massive consumer-facing markets according to the announcement. Multicoin Capital closed its second $100 million venture funds last year with a major focus on Web3 projects that were built on the Solana blockchain. The company outlined a few other areas that it is most excited about like projects that fit info into the proof of physical work investment thesis. As per Multicoin, projects that fall in this category can be described as the ones that are urging people to the verifiable work investment thesis.

The company pointed to the two most notable Proof of physical work projects which are already In the portfolio like the Hivemapper and HElium network adding that the interest is only increasing in this space and it is looking for projects capable of disrupting the industries with a new model. Hivemapper incentives users to drive around and record their surroundings to create navigation maps and it managed to raise $18 milion in a Series A led by Multicoin.

Another area that the Austin-based company is paying attention to is the DataDAO or decentralized entities which are based on the spiritually similar idea to Proof of physical work but they focus on data rather than the physical infrastructure. Multicoin argued that there is a lot of data that will be more valuable than the sm of the parts if aggregated but collecting the data is impossible because it is too sensitive or personal or because the aggregators arent a subject to governance.

The investment company believes that crypto can help solve these issues beucase it creates both stronger incentives for the users to contribute data and also by transfering the governance authority from a few to the community. Other domains Multicoin is looking to use include projects that offer creator monetization via online platforms, Defi apps, NFTs, and social tokens. The company added that as one of the most active investors in the Web3 space since 2018 it plans to continue backing this industry and will reveal other projects in its portfolio as well.