Kyle Samani, Managing Director of Multicoin Capital, Has Recently Carried Out a Noteworthy $USDC Transaction

Kyle Samani, a thesis-led investment entity Multicoin Capital's Managing Director, has recently carried out a noteworthy $USDC transaction.

Multicoin Capital Managing Partner Kyle Samani has reportedly completed a significant $USDC transaction, as reported by on-chain analytics provider Lookonchain.

As per the latest reports, Samani has borrowed up to $7M in $USDC tokens from the DeFi protocol, Kamino, to deposit the entire amount into Coinbase.

“Kyle Samani, Managing Partner at Multicoin Cap, borrowed 7M $USDC from #Kamino and deposited it into #Coinbase 2 hours ago.

Given their investment in $SOL, will Kyle Samani use the $USDC to purchase more $SOL?”

The on-chain analytics provider shared an image of the massive $USDC transfer from Samani’s wallet.

The post adds that Samani’s interest in Solana (SOL) is known, and the crypto investment firm Multicoin Capital is a major investor in the smart contract platform.

Earlier this year, Samani highlighted the scalability and technical advantages of Solana.

At the time, the Multicoin Capital partner stated that Solana can process about 50,000 transactions per second (TPS). This compares to 10 to 15 TPS that Bitcoin (BTC) and Ethereum (ETH) can handle.

Samani’s significant $USDC deposit into Coinbase may also highlight the increasing role of Kamino and other such DeFi protocols in providing access to substantial liquidity.

As such, the new generation of protocols are offering new avenues for institutions and cryptocurrency hedge funds to manage their liquidity needs.

The post from Lookonchain comes at a point when institutional and retail momentum is building around Solana.

Earlier this week, crypto analytics firm Glassnode noted that the total cryptocurrency market cap has dropped below $1 trillion.

This comes after the recent price crashes in Bitcoin and other major cryptocurrencies.