Crypto exchange giant Binance announced Tuesday an investment in Multicoin Capital.
Multicoin is a hedge fund that invests in crypto startups. With the deal, Binance has now become a partner of the hedge fund.
"This is the first investment we have made of this nature. As a result, we will continue working closely with Multicoin Capital to explore new opportunities for blockchain, including development and market expansion," Binance said in a blog post.
Other investors in Multicoin include Ribbit Capital, eminent venture capital fund Union Square Ventures, venture capitalist Marc Andreessen, and former chief operating officer of PayPal Holdings Inc David Sacks.
“[Multicoin Capital] has a strong track record and a unique knowledge of emerging assets that extend well beyond Bitcoin,” said Binance CEO Changpeng Zhao in a statement. “They are the best at what they do, and we are glad to join them as limited partners. We look forward to working more closely together in the broader industry.”
As noted in a profile of Multicoin's portfolio produced by The Block Research, the hedge fund was founded in 2017 by Kyle Samani and Tushar Jain. Its portfolio cuts across an array of industry sectors, including infrastructure.