Spin is raising a $125 million "security token offering"
Spin, a San Francisco-based scooter-sharing startup, is finishing up a $125 million “security token offering,” Axios has learned.
Why it matters: Some of the startup's competitors, namely Bird and Lime, have already raised hefty amounts of venture capital, while Spin has only disclosed $8 million in funding so far.
- Security token offerings are similar to initial coin offerings, except that they're explicit securities (i.e., not utilities) and backed by real assets (in this case, Spin itself).
- This is separate from Layer Protocol (formerly PIN Protocol), the Spin founders’ side project, “a blockchain-based reputation and rewards protocol” they plan to someday integrate with the company’s service eventually.