Blockchain and cryptocurrency investment firm Multicoin Capital has hired a former Google product manager as one of its new investment principals.

In a blog post published on Oct. 1, managing partner Kyle Samani said that Tony Sheng would help secure new deals for the firm and work with existing portfolio members.

Crypto market offers “tremendous alpha”

Announcing the hire, Samani said the crypto market is still very young — and “things are only just starting to get interesting.” He added:

“With 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. We’ve made it from 0 to 1. Now to go from 1 to N.”

Changing tides in blockchain investment

Multicoin has contributed to several notable funding rounds in recent months. The latest was for Ethereum-compatible Skale Network that raised $17.1 million this week, joining other investors including Winklevoss Capital and ConsenSys Labs. 

Prior to that, in October 2018, Multicoin led another $9.65 million round of investments in Skale. 

As Cointelegraph reported previously, blockchain investment could drop by as much as 60% this year as attention remains focused on Bitcoin (BTC).