Blockchain and cryptocurrency investment firm Multicoin Capital hired a former Google product manager as one of its new investment Principals.
In a blog post published on Oct. 1, managing partner Kyle Samani said that Tony Sheng would help secure new deals for the firm while also working with existing portfolio members.
Crypto market offers “tremendous alpha”
“The crypto market is still very young, and there is tremendous alpha to be captured in many ways. Things are only just starting to get interesting,” he summarized, adding:
“With the all the right forms of capital— people, financial, social, service providers, and brand—we’re looking forward to our next stage of growth as a firm. We’ve made it from 0 to 1. Now to go from 1 to N.”
Changing tides in blockchain investment
Multicoin has contributed to several notable funding rounds in recent months. The latest was for Ethereum-compatible Skale Network that raised $17.1 million this week, including investors such as Winklevoss Capital and ConsenSys Labs.
Prior to that, in October 2018, Multicoin led another $9.65 million round of investments in Skale.
As Cointelegraph reported previously, blockchain investment could drop by as much as 60% this year as attention continues to focus on Bitcoin (BTC).