Spin, a multi-chain derivatives DEX founded in June 2021, today announced that it has raised $3.75 million in a seed round led by Lemniscap with participation from GSR, Spartan Group, ZMT Capital, Longhash Ventures and AngelDAO. The funds raised will be used to support the further development of Spin DEX.
The Spin team is building a multi-chain solution for derivatives trading that executes an order book order execution model to provide users with a CEX-quality user experience. Spin has released alpha versions of decentralized perpetual contracts, as well as an on-chain order book for the NEAR protocol, on Solana's beta site.
Joining Spin's seed round of funding were prominent market participants who have worked hard to grow the DeFi space, including
- Lemniscap – Leading Spin’s seed round is an early investor in several emerging cryptocurrency assets and blockchain startups, including Aurora, Avalanche, FTX, Serum and others.
- GSR – is a cryptocurrency market maker and ecosystem partner that will support Spin market making.
- Spartan Group – Digital asset management and advisory firm with early investments in 1inch, dYdX, The Graph, Maker, Polkadot and other cryptocurrency startups.
- ZMT Capital – Participated in the financing of 0x, Solana and Octopus Network.
- Longhash Ventures – a well-known gas pedal and investment firm that participated in Polkadot, Zapper, Balancer and other funding rounds.
- AngelDAO – Invested in Aurora, deBridge and Liquidity.
With long-term support in mind, many of the seed round participants will be actively involved in Spin's market making, technical and marketing consulting.
For more information on Spin's native tokens and ecosystem, check out Spin Litepaper.