Drift Labs, a decentralized exchange platform built on Solana, has successfully raised $25 million in a Series B funding round led by Multicoin Capital. Other participants include Blockchain Capital, Primitive Ventures, and Folius Ventures. The funds were raised through a private token sale.

Drift Labs aims to become the "Robinhood of Crypto," offering services such as spot and derivatives trading, and a predictions market. The platform operates via a permissionless structure and is governed by a decentralized autonomous organization (DAO) using the DRIFT token.

Since its V1 launch in November 2021, Drift has attracted 200,000 users and achieved over $50 billion in cumulative volume. The new funding will be used to double its staff from 25 to 50 within the next year.