Spin Raises $3.75 Million in Seed Funding Round Led by Lemniscap With Participation From GSR, Spartan Group, and Other VCs

The Spin multichain derivatives DEX has raised $3.75 Million  in a seed funding 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 Spin DEX further development.

Founded in mid June 2021, Spin is building a multichain solution for on-chain derivatives trading that executes order book order execution model to provide users with CEX-competitive user experience. The DEX has already released decentralized perpetuals on Solana’s testnet and the alpha of the first spot on-chain order book on NEAR Protocol.

The funds and companies that joined Spin’s seed funding round are notable market participants who put substantial effort into the development of the DeFi space.

• Lemniscap who led Spin’s seed round, is an early investor in several world-known 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 is a 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 is 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.

Recommended AI News: QuantumScape Data Shows Industry-First 15-minute Fast Charging for Hundreds of Consecutive Cycles

Along with the fresh capital injection, our new strategic partners will help support the Spin progress in making decentralized futures and options trading easy-to-use, convenient, and accessible to everyone.

“Volumes on centralised derivatives exchanges continue to exceed spot volumes, showcasing the scope of opportunity and enormous TAM for DeFi protocols working on derivatives. Coming from the traditional derivatives trading backgrounds ourselves, we are well aware of the underlying mechanics of existing centralised products and are simultaneously driven to disrupt them. The Spin team brings some of the best talent in the field under one roof with the singular goal of building a truly world class multi-chain experience for futures and options trading, while introducing innovative features like cross-chain liquidity, advanced API access, along with isolated and cross margin. We at Lemniscap are proud to be leading their seed round, and are committed to providing our knowledge and expertise to further their ambitious goals.”

The extensive experience of our investors will help us collaboratively uplift the standards of decentralized trading, establish new win-win partnerships, and onboard new people to the on-chain way of trading derivative products.

Recommended AI News: Cargill Expands Portfolio of Artificial Intelligence-Powered Innovations to Give Poultry Producers Actionable Insights

“Spin is building a spot and derivatives multichain DEX with advanced risk management and strategy-building tools. We are excited about the possibilities that would be enabled by the composability between the spot and derivative primitives of the Spin protocol and look forward to supporting the team.”

Many of the seed round participants will actively be engaged in market making, technical and marketing advisory, and will support the Spin DEX in the long run.

“We’re excited to support Spin as they continue building a seamless trading experience for on-chain derivatives. Their commitment to efficient trading practices supported by an advanced toolkit is critical as more participants look to trade crypto futures and options.”

Recommended AI News: Infermedica raises $30 million Series B Funding from One Peak to expand AI-driven Medical Guidance Platform

[To share your insights with us, please write to sghosh@martechseries.com]