Kyle Samani leaves Multicoin in ‘bittersweet moment’ to explore new tech

Multicoin Capital’s co-founder, Kyle Samani, said he is stepping down as managing partner of the crypto investment firm after 10 years in the industry. 

Samani called it a “bittersweet moment” in a post on Wednesday, adding, “I am excited to take some time off and explore new areas of technology,” which he later revealed would include AI and robotics.

He added that he is “more confident than ever that crypto is going to fundamentally rewire the circuitry of finance.”

“The Clarity Act will unlock a tidal wave of new entrants and spur adoption unlike anything we’ve seen,” Samani said, adding that he is particularly bullish on Solana and intends to continue making personal investments in the space and supporting Multicoin portfolio companies.

However, the post appears to conflict with a reportedly deleted earlier X post, in which he stated: “I once believed in the web3 vision. dapps. I don’t anymore…Crypto is just fundamentally not as interesting as many crypto enthusiasts wanted. Myself included.” 

Samani has previously criticized the Bitcoin and Ethereum ecosystems.

Last month, Samani said discovering Ethereum was his “entry into crypto” in 2016, after becoming convinced by permissionless finance and smart contracts.

However, he later lost faith in Ethereum, saying he was dissatisfied with how Ethereum developers addressed scaling.

Samani helped turn Multicoin into a $5.9 billion company

He came across the Solana shortly after founding Multicoin in May 2017, which went on to lead some of Solana’s earliest investment rounds in 2018.