Scooter startup Spin is raising $125 million
Via a blockchain-based security token offering 🤑
Posted on June 29, 2018 7:24 PM.
TechCrunchMegan Rose Dickey
Spin, an electric scooter startup, is raising around $125 million via a blockchain-based security token offering (STO), TechCrunch has learned.
Spin hopes to raise this money from accredited investors, who in return will get a share of the revenue.
AxiosKia Kokalitcheva
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.
This comes after Spin previously raised $8 million just over a month ago.
Spin competitor, Bird, has also been raising money rapidly, and confirmed a raise of $300 million, led by Sequoia.
TechCrunchMegan Rose Dickey
Meanwhile, Spin and other electric scooter operators are currently awaiting word from the city of San Francisco, regarding whether or not they can deploy their respective scooters in the city.

Interested in product and tech related news? Check out the Sip News app by Product Hunt. Every weekday, Sip surfaces the most exciting and essential tech stories of the day. You can download it now for iOS or Android.

Discussion
Ryan Hoover@rrhoover · Founder, Product Hunt
Time for us to come up with a blockchain strategy. 🤔