Drift has raised $25 million in a Collection B funding spherical led by Multicoin Capital.
The decentralized finance platform plans to construct a spread of economic companies instruments, together with spot and derivatives buying and selling and a prediction market.
Decentralized finance (DeFi) platform Drift has raised $25 million in Collection B funding to broaden its Solana-based alternate, Fortune reported Thursday. The spherical was led by Multicoin Capital.
Drift plans to construct a spread of economic companies instruments, together with spot and derivatives buying and selling and a prediction market, to grow to be the “Robinhood of crypto,” co-founder Cindy Leow mentioned, the report mentioned. The corporate needs to double its workforce to 50 within the coming yr.
As a decentralized platform, Drift differs from centralized exchanges in that there isn’t any single entity answerable for customers’ funds. Drift’s protocol is operated by a decentralized autonomous group (DAO) and an related token, DRIFT, which is up 2.1% over the previous 24 hours to only above $0.71.
Solana is the largest competitor to Ethereum, which remains to be comfortably the biggest blockchain for DeFi actions. Nonetheless, Leow says she nonetheless thinks Solana is one of the best location for a platform like Drift.
“As we take into consideration a future the place each single asset is tokenized… we do not assume any issuer is definitely going to take a look at Ethereum,” she mentioned, in accordance with the report. to take a look at the chain with the best quantity of exercise, the biggest variety of customers and probably the most seamless integration.”
Drift didn’t instantly reply to CoinDesk’s request for additional remark.
Learn extra: Tokenized RWA Platform Huma Finance Will get $38 Million Funding, Plans Growth to Solana and Stellar’s Soroban