Multicoin Capital led a $1.75M seed round in Trasia (sole investor), its first Hyperliquid ecosystem investment. The Asia-focused perpetuals platform—co-founded by ex-Multicoin partner Mable Jiang—runs on Hyperliquid’s HIP-3 infrastructure and targets regional traders with Chinese/English UI and planned mobile app, initially eyeing AI-related equity perps. Over $35M in HYPE/USDC committed for launch. This reinforces Multicoin’s recent HYPE accumulation and bullish ecosystem stance, but the small check and early stage limit near-term market impact.(unfolded.)