Quick take:
Multicoin Capital led the round with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.
According to Fortune, Drift plans to double its staff from 25 to 50 within the next year.
Drift operates entirely via a permissionless structure on the blockchain and is looking to become the “Robinhood of Crypto”.
Drift Labs, a decentralised exchange platform built on Solana has raised $25 million in a Series B round led by Multicoin Capital. The fundraising was structured as a private token sale and also attracted participation from Blockchain Capital, Primitive Ventures, and Folius Ventures.
Speaking to Fortune in an interview, Drift Labs co-founder Cindy Leow told the news publisher that the platform wants to become the “Robinhood of Crypto” by offering a suite of services that include spot and derivatives trading and a predictions market built on top of Solana.
“We see ourselves as building out the foundations of an on-chain financial institution,” Leow said. “We’re looking to expand our product speed even further.”
Developed by Drift Labs, Drift protocol runs separately. It is governed by its community via a decentralised autonomous organisation (DAO) using the DRIFT token.
The platform’s distinctive product, perpetual futures trading allows users to bet on the future price of an asset without an expiry date. The company describes it as a complex and tightly regulated product created for highly sophisticated investors, outside of the US.
Since its V1 launch in November 2021, Drift has grown to reach 200,000 users and over $50 billion in cumulative volume.
The latest funding brings the total raised to $52.5 billion. The DEX plans to use some of the fresh funding to double its staff from 25 to 50 within the next year.
Drift is one of the few female-led crypto companies. Leow said that about half of the leadership team in the company is comprised of women.
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The post Drift Bags $25M Series B to Build the ‘Robinhood of Crypto’ on Solana appeared first on NFTgators .