Trasia raises $1.75 million seed as Multicoin makes first Hyperliquid startup bet

The Hyperliquid-based, Asia-focused non-custodial perpetual futures platform says more than $35 million in HYPE and USDC has been committed for HIP-3 Asian equity markets, alongside web, mobile and user-growth plans.

USDC

HYPE

39d ago

Fact Check

The Block's primary reporting explicitly confirms Multicoin Capital's $1.75M seed investment in Trasia as its first Hyperliquid ecosystem bet, with over $35M in HYPE and USDC committed for HIP-3 Asian markets, plus web/mobile and user-growth plans. PANews and BlockBeats independently corroborate the same $1.75M Multicoin-led seed, the $35M commitment for Asian securities-focused HIP-3 markets, and the web/mobile plans. All key figures and framing are consistent across the three sources.

Summary

Trasia, the Hyperliquid-based non-custodial trading platform co-founded in May by former Multicoin Capital partner Mable Jiang and Edison Chen, said it raised a $1.75 million seed round led solely by Multicoin Capital. The company also said more than $35 million in HYPE and USDC has been committed to launch its HIP-3 Asian equity perpetuals market, a separate figure from the seed financing. Trasia has launched a web interface in Chinese and English, plans a native mobile app in August, and intends to use the funding for product launches, user growth and development of its first markets tied to Asian securities assets.

Terms & Concepts

HIP-3: Hyperliquid Improvement Proposal 3, a framework that lets developers launch custom perpetual futures exchanges on Hyperliquid infrastructure.
non-custodial trading platform: A trading venue where users retain control of their own assets rather than handing custody to a centralized intermediary.
perpetual futures: Derivatives contracts with no expiry date.