Multicoin Maintains Focus on Cryptocurrencies Despite AI Boom

Multicoin Capital Management does not plan to change its specialization amid the growing interest in artificial intelligence. The hedge fund, with assets of $2.7 billion, will continue to invest in digital assets. General partner Spencer Applebaum stated that the company considers itself strong in the cryptocurrency space and does not intend to expand its mandate beyond its expertise. While other funds, such as Paradigm and Framework Ventures, have begun investing in AI and robotics, Multicoin prefers to remain loyal to the crypto market. Funding for crypto startups in the first half of the year amounted to about $10 billion, comparable to last year; however, raising funds for new funds has become more challenging, with the lowest figures since 2019. In the third quarter, AI companies received two-thirds of the capital invested in startups in the U.S. and Canada. Applebaum noted that Multicoin has never made pure investments in AI and believes that many are trying to find non-existent problems at the intersection of crypto and AI.

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