The DeFi platform aims to develop a variety of financial services tools, such as spot trading, derivatives trading, and a predictions market.
- Drift secured $25 million in a Series B funding round, with Multicoin Capital leading the investment.
- The DeFi platform aims to develop a range of financial tools, including spot and derivatives trading, as well as a prediction market.
Drift, a leading decentralized finance (DeFi) platform, has secured $25 million in Series B funding to fuel the growth of its Solana-based exchange.
Led by Multicoin Capital, the round also saw participation from Blockchain Capital, Folius Ventures, Maelstrom, and Primitive, as shared in an announcement on X.
Drift is positioning itself as the first on-chain platform to offer cross-collateral margin accounts across a comprehensive DeFi product suite, including perpetual derivatives markets, spot markets, borrow-lend markets, and prediction markets.
Unlike centralized exchanges, Drift operates as a decentralized platform, meaning no single entity controls users’ funds. Its protocol is governed by a decentralized autonomous organization (DAO) and the DRIFT token, which has risen 2.1% in the last 24 hours, reaching over $0.71.
While Ethereum dominates DeFi activity, Solana, Drift’s blockchain of choice, is emerging as a key competitor.
In an interview with Fortune, co-founder Cindy Leow expressed her vision to make Drift the “Robinhood of crypto.” She also revealed plans to double the company’s workforce to 50 within the next year. Leow believes Solana, not Ethereum, will ultimately become the best platform for Drift, as issuers of tokenized assets will gravitate towards the blockchain with the most activity, users, and seamless integration.