Spin, an electric scooter startup, is raising around $125 million via a blockchain-based security token offering (STO), Axios first reported and TechCrunch has independently learned. Spin, which declined to comment for this story, has previously raised just $8 million.

The idea with Spin’s security token offering is to raise money from accredited investors, who will then be entitled to a portion of the revenue from Spin’s electric scooter operations, according to a source close to Spin. Last year, initial coin offerings were the hot thing in the cryptocurrency space. Now, STOs are starting to emerge, given that they provide more security for potential investors. With STOs, investors can buy tokens that are linked to real-world financial instruments. In the case of Spin’s offering, the tokens are linked to its revenue.

Spin has been one of the more quiet scooter startups in the industry after announcing its expansion into scooters in February. This comes shortly after electric scooter startup Bird raised a $300 million round led by Sequoia Capital, and after reports of Lime raising $250 million led by GV.

Spin currently has a contract with electric scooter manufacturer Ninebot to purchase 30,000 scooters a month through the end of this year, according to a source. Bird, on the other hand, said in May it inked an exclusive deal with Ninebot for rights to the company’s supply of scooters. Clearly, that’s not true.

Spin had previously only operated a bike-share platform. Last August, Spin brought its stationless bike-share program to South San Francisco after launching in Seattle earlier that year. Then, in January, Spin unveiled its stationless electric bike. However, Spin is now solely focused on electric scooters, according to a source close to Spin.

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.

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