$100M DeFi Venture Fund Announced by Multicoin Capital

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In Brief
  • Multicoin fund will invest in Solana-based DeFi and NFTs.

  • Venture cap investments into DeFi have surged in 2021.

  • DeFi TVL taps all time high near $80 billion.

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Crypto venture firm Multicoin Capital has unveiled the details of a new $100 million fund to invest in decentralized finance (DeFi) and non-fungible token (NFT) projects.

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Managing partner at Multicoin Capital, Tushar Jain, posted the announcement on his Twitter feed on May 5. The firm’s Venture Fund II will be channeled into investments for Open Finance, Web3, NFTs, and new kinds of crypto-enabled infrastructure and applications, the announcement added.

Jain commented that the last few years in crypto has been predominantly about investing in technical and market infrastructure which has matured as innovation moves up the stack.

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“Not all capital is created equal. Entrepreneurs know this better than anyone else. We aim to differentiate ourselves from other VCs by working hard for our portfolio like we have for Solana, Helium, and THORChain.”

Focus on Solana, NFTs

The new venture fund is specifically focusing on projects that are building on Solana, a high-throughput enterprise-grade blockchain network.

The company stated that it’s been a proud and vocal Solana investor since its first investment in May of 2018, adding that it was among the first to invest in Serum, the DEX running on the platform. It asserts that there will be a burgeoning DeFi ecosystem on Solana written natively in Rust, that takes advantage of Solana’s performance and plugs into Serum’s composable on-chain order book.

Managing partner Kyle Samani stated that the investments will go beyond the things that the firm has previously backed;

“We are investing in all of the things you would expect – DeFi, Web3, NFTs, Metaverse stuff, etc. But more importantly, we want to invest in all of the things you would not expect. The crazy shit.”

He added that people are spending more time online and the Metaverse represents the logical conclusion of that trend. The announcement confirmed the company’s interest in virtual worlds and the assets than can be found in them:

“We are looking to invest in all forms of infrastructure that can enable the Metaverse, along with Metaverse-native applications and marketplaces.”

On April 29, Polygon launched a $150 million DeFi fund to increase adoption and projects on its network.

DeFi TVL hits a new high

The news comes as the total value locked (TVL) across all DeFi protocols hits a new all-time high. Figures vary slightly depending on the data source and projects they list.

DeFi Pulse is reporting an ATH of $77 billion on May 4, but a slight decline today as crypto markets cool. DappRadar has a slightly higher TVL figure of $78 billion while DeFi Llama is listing a record $134 billion locked across the 188 protocols it keeps track of.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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