Jun 29, 2018

Spin is raising a $125 million "security token offering"

Photo: Spin

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.

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  1. Global: Total confirmed cases as of 1 p.m. ET: 1,237,420 — Total deaths: 67,260 — Total recoveries: 252,944Map.
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  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment."
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state "literally going day-to-day" with supplies.
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