Lightspeed Crypto’s Rebirth Moment | Tushar, Shayon and Spencer
Mar 10, 2026
Spencer Applebaum, Multicoin partner specializing in crypto infrastructure. Shayon Sengupta, investor focused on DeFi and tokenized assets. Tushar Jain, partner known for macro crypto theses and market cycles. They discuss blockchains as financial rails. Topics include stablecoin-driven fintech, the DeFi mullet model, credibly neutral chains, tokenization of assets, venture opportunities, and market rebirth dynamics.
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Blockchains As Financial Market Infrastructure
- Blockchains are the first-principles technology to move money and coordinate global financial markets.
- Multicoin's 30-page thesis argues top revenue crypto projects are finance/payments and future value lies in blockchains as financial infrastructure.
Eight Finance-First Themes Define Multicoin's Strike Zone
- Multicoin outlines eight themes centered on finance-first crypto: FinTech 4.0, DeFi mullets, financial globalization, efficient borrow/lend, entertainment finance, programmable ownership, credibly neutral blockchains, and cryptographic primitives.
- These themes prioritize money, coordination, new asset classes, on-chain credit, and trust assumptions needed for adversarial economic environments.
FinTech 4.0 Rebuilds Rails With Stablecoins
- FinTech 4.0 means rebuilding payments/finance on stablecoin rails for instant, final, global settlement rather than wrapping legacy rails.
- That enables specialized stablecoin fintechs with much better unit economics and lower CAC because intermediaries like sponsor banks and card networks are removed.