Wasabi, a memecoin and NFT leverage trading protocol, has raised $3 million in a seed funding round led by Electric Capital.

Other investors included Alliance, Memeland, Spencer Ventures, Pudgy Penguins CEO Luca Netz, Magic Eden co-founder Zhouxun Yin, angel investor Santiago Santos, and Crypto Twitter personalities Cygaar, Zagabond, DCF God and Bob Loukas, Wasabi said Monday.

Wasabi started raising funds for the seed round in early January and closed it at the end of February, co-founder Eren Derman told The Block. He declined to comment on the structure of the round and valuation.

What is Wasabi?

Wasabi is a decentralized finance (DeFi) protocol that lets users trade "long tail assets" such as memecoins and NFTs with leverage, Derman said, adding that there was a lack of financial …