Austin, Texas-based cryptocurrency venture fund Multicoin Capital today announced the addition of Tony Sheng to its investment team.
Sheng, a former product manager at Google and product lead at the Decentraland Foundation, joins Multicoin as a principal on the firm’s growing team. Given his experience in the tech industry, Sheng brings “a unique, user-focused perspective to the firm and the ecosystem as a whole,” Multicoin Capital Managing Partner Kyle Samani said in a company blog post.
In the announcement, Samani praised Sheng for his ability to analyze and articulate the benefits of crypto. “Things are only just starting to get interesting,” Samani said. “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,” he said.
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Multicoin manages a vast portfolio of crypto startups that includes Bakkt, Dfinity, Helium, Solana, and several others. Just today, Ethereum scaling startup SKALE announced it had completed a $17 million funding round that included participation from Multicoin, as well as Winklevoss Capital, Arrington XRP Capital, and several other top crypto VC firms.
With the addition of Shreng, who’ll be based in Los Angeles, Multicoin appears poised to continue an aggressive growth strategy. “Tony is helping us take a major step in that journey, and we couldn’t be more excited to welcome him to the Multicoin team,” Samani said.