"Crypto platform Drift secures $25 million in Series B funding, aiming to create a user-friendly crypto trading platform similar to Robinhood, but based on the Solana blockchain network."
In a significant move for the decentralized finance (DeFi) space, Drift Labs, a female-led crypto company, has raised $25 million in a Series B round. The funding round was led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, Folius Ventures, and Maven 11.
Drift Labs, which operates a decentralized exchange (DEX) platform built on Solana, is one of the few female-led companies in the crypto industry. The company co-founder, Cindy Leow, stated that they are building the foundations of an on-chain financial institution.
The new funding will enable Drift Labs to double its staff from 25 to 50 within the next year. About half of the leadership team in Drift Labs is comprised of women, reflecting the company's commitment to diversity and inclusion.
The Drift platform aims to become the "Robinhood of Crypto" by offering services including spot and derivatives trading, and a predictions market. It operates via a permissionless structure on the blockchain, allowing for a decentralized and open financial system.
The Drift platform has already made a significant impact, with a cumulative volume of over $50 billion. Since its V1 launch in November 2021, the platform has reached 200,000 users.
The Drift protocol, developed by Drift Labs, runs separately and is governed by its community via a decentralized autonomous organization (DAO) using the DRIFT token. This democratic approach allows the community to shape the future of the platform.
Drift Labs' product development and expansion plans likely align with Solana's scalable blockchain infrastructure, aiming to improve throughput and usability for decentralized trading, although explicit details are not available at this time. The company's focus on delivering real-world utility at scale is consistent with trends in the DeFi space on Solana.
With this latest funding round, Drift Labs has raised a total of $52.5 million. As the company continues to grow and innovate, it is poised to make a significant impact in the DeFi space and beyond.
News about Drift Labs, a female-led crypto company that operates a decentralized exchange (DEX) platform on Solana, has announced it has raised $25 million in a Series B round. The investment will enable the growth of the community-governed platform, which aims to become the "Robinhood of Crypto" by offering services like trading and a predictions market. Using a democratic approach through a decentralized autonomous organization (DAO), the Drift protocol run by Drift Labs is poised to impact DeFi space and finance, especially with the latest investment that brings their total funding to $52.5 million. This move showcases the increasing presence of female-led companies in the technology and finance sectors, particularly in the decentralized finance (DeFi) space.
