Spin, a multichain derivatives DEX founded in June 2021, announced today it has raised $3.75M in a seed funding round led by Lemniscap with participation from GSR, Spartan Group, ZMT Capital, Longhash Ventures, and AngelDAO. Funds raised will be used to support the further development of the Spin DEX.
The Spin team is building a multichain solution for derivatives trading that executes an order book order execution model to provide users with a CEX-quality user experience. Already, Spin has released decentralized perpetuals on Solana’s testnet and the alpha of an on-chain order book on NEAR Protocol.
Joining Spin’s seed funding round are notable market participants who put substantial effort into the development of the DeFi space, including:
- Lemniscap – who led Spin’s seed round is an early investor in several emerging crypto assets & blockchain startups including Aurora, Avalanche, FTX, Serum, and others.
- GSR – is a crypto market maker and ecosystem partner who will support Spin in market making.
- Spartan Group – digital asset management and advisory firm that earlier invested in 1inch, dYdX, The Graph, Maker, Polkadot, and other crypto startups.
- ZMT Capital – took part in 0x, Solana, and Octopus Network funding rounds.
- Longhash Ventures – a well-known accelerator and investment firm that took part 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 actively be engaged in market making, technical and marketing advisory for Spin.
For more information on Spin’s native token and ecosystem check out the Spin Litepaper.