Multicoin’s choice to stay focused on crypto

Multicoin Capital is leaning into its home field. General partner and co-head of venture Spencer Applebaum put it simply: “We believe we have an edge in crypto, and we want to stay true to it.” He joined the Austin firm in 2018 and says Multicoin is resisting the push to back standalone AI companies.

He argues the crypto and AI mashup is often backwards. “For the most part, people are in search of a problem that doesn’t exist at the intersection of crypto and AI,” he said. “A lot of investors are trying to force it.” Having never made a pure-play AI bet, Applebaum said Multicoin would not carry over the advantages it has built in crypto, where its track record and relationships often put it…