Drift raised $25 million in a Collection B funding spherical led by Multicoin Capital.
The decentralized finance platform plans to construct an array of monetary companies instruments, together with spot and derivatives buying and selling and a predictions market.
Decentralized finance (DeFi) platform Drift raised $25 million in Collection B funding to develop its Solana-based change, Fortune reported on Thursday. The spherical was led by led by Multicoin Capital.
Drift plans to construct an array of monetary companies instruments, together with spot and derivatives buying and selling and a predictions market to change into the “Robinhood of crypto,” co-founder Cindy Leow stated, in accordance with the report. The corporate intends to double its headcount to 50 inside the subsequent 12 months.
As a decentralized platform, Drift differentiates itself from centralized exchanges in that there isn’t any single entity answerable for customers’ funds. Drift’s protocol is ruled by a decentralized autonomous group (DAO) and an related token, DRIFT, which has risen 2.1% within the final 24 hours to only above $0.71.
Solana is the closest competitor to Ethereum, which stays comfortably the largest blockchain for DeFi exercise. Nonetheless, Leow says she thinks Solana remains to be the very best venue for a platform like Drift.
“After we’re enthusiastic about a future the place each single asset will probably be tokenized … we don’t assume that an issuer is definitely going to take a look at Ethereum,” she stated, in accordance with the report. “They’re in all probability going to take a look at the chain that has the very best quantity of exercise, the very best quantity of customers, and probably the most seamless integration.”
Drift didn’t instantly reply to CoinDesk’s request for additional remark.
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