Spin Security Token Offering Launched for New Electric Scooter Startup
With so many fraudulent ICOs on the market, investors want to discover a way to be more secure in their investment. There is a new startup opportunity with an electric scooter company called Spin, which has aspired to bring up $125 million in funding. They have developed a security token offering (STO), which means that any tokens purchased through the offer are already supported by real-world financial assets. This startup has been confirmed by Axios and TechCrunch.
The security token offering is the start of a new stage in crypto, as government organizations around the world put forth new regulations that are restricting platforms with a lack of securities. Spin has already managed to raise $8 million towards their effort. The investors that participate will be privy to revenue from the electric scoot sale, though the source of that benefit is unavailable.
The announcement that Spin is expanding their industry happened in February. They were actually the third platform in the industry to break through with a token offering, following Bird ($300 million raised) and Lime ($250 million raised). Since those announcements, Bird has secured $415 million, while Lime has raised a combined $382 of both confirmed and unconfirmed funding. At the moment, Spin has appeared to raise $133 million in confirmed funding.
Right now, Spin already has an agreement established with Ninebot for 30,000 units each month for the rest of the year. Ninebot is based out of Beijing, and they primarily create vehicles for short-distance transportation.
Before Spin decided to embark on the scooter industry, their platform focuses on bike sharing. After Spin completed their Seattle launch, they migrated their project to South San Francisco in August last year. With their funding, they managed to develop a station-less electric bicycle in January. However, their entire focus at the moment is with the electric scooters and their partnership with Ninebot.
Aside from electric scooters, the founders of Spin made an investment in Layer Protocol, which will eventually be added to their services. The protocol is blockchain based and has a “reputation and rewards” system that offers a dock-less scooter sharing program.