According to Foresight News, Wasabi, a leverage trading protocol for Meme coins and NFTs, has successfully raised $3 million in funding. The investment round was led by Electric Capital, with participation from Alliance, Memeland, Spencer Ventures, Pudgy Penguins CEO Luca Netz, Magic Eden co-founder Zhouxun Yin, angel investor Santiago Santos, and Crypto Twitter celebrities Cygaar, Zagabond, DCF God, and Bob Loukas. The newly acquired funds will be used to expand the Wasabi team, which currently consists of six members, with plans to increase to ten in the near future.
Wasabi allows users to go long, short, and pledge Meme coins and NFTs. The leverage range for low-liquidity assets is 2-3 times, while assets like ETH and USDB can be leveraged up to 10 times.