Multicoin Capital Donates 1M to back Conservative Solana Champions

Multicoin Capital: Amplifying Crypto's Legislative Voice

Multicoin Capital, a crypto and blockchain investment firm promises to donate over $1 Million to support crypto-friendly Republican lawmakers. The firm is all set to shape the U. S. legislation towards a more crypto-friendly stance and will match every Solana (SOL) donated over the next 10 days.

At press time, SOL was trading at $139.24, after a spike of 7.35% in a day with a market cap of $64,472,848,775 and $2,839,175,104 in 24-hour volume. Within a day, the coin surged from $129.82 on July 5 to $140.41 on July 6.  

On July 5, Kyle Samani, the Managing Partner at Multicoin Capital announced X to support the pro-crypto senators. 

Source: X

"Our industry’s future is at stake, and we need to do everything in our power to elect pro-crypto candidates that will see sensible legislation brought to the floor", Samani added.  

With the support of The Sentinel Action Fund, a political action committee, Multicoin Capital will support and elect crypto-friendly candidates to the U.S. Senate.   

While clarifying his intent, Samani also said that political engagement matters in every field and to become free for innovation, America needs candidates supporting innovation and cryptocurrency. The Managing Partner at Multicoin Capital also encouraged the community to donate and promised to double the impact of the contribution by July 14. 

In the end, Samani appreciated the SOL community and alarmed the donors to stay away from irrelevant links while donating. 

Multicoin Capital’s Other Moves in Crypto Space

Being a crypto and blockchain investment firm, Multicoin Capital is actively involved in funding rounds to enhance the effectiveness of the cryptocurrency industry. Recently in June, the company led an $8 Million Series A round for Mountain Protocol. The funding round also involved other investor participants like Castle Island Ventures, Coinbase Ventures, etc. 

Furthermore, the investment firm also made investments in the Colombia-based stablecoin protocol El Dorado. Multicoin Capital completed a $3 Million seed venture capital investment round and involved crypto exchange Coinbase's venture capital arm Coinbase Ventures, UC Berkeley Skydeck, and Awesome People Ventures.  

Conclusion 

Multicoin Capital's commitment of over $1 Million to support crypto-friendly Republican lawmakers signifies a strategic move to influence U.S. legislation in favor of the cryptocurrency industry. The firm's initiative, coupled with a matching donation campaign for SOL contributions, underscores its dedication to fostering a legislative environment conducive to crypto innovation. This effort is complemented by Multicoin Capital's active investment in blockchain ventures, further cementing its role as a pivotal player in the cryptocurrency space.

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