Funding Round

Decentralized finance (DeFi) platform Drift has raised $25 million in Series B funding to expand its Solana-based exchange. The round was led by Multicoin Capital.

Expansion Plans

Drift plans to build an array of financial services tools, including spot and derivatives trading and a predictions market, with the goal of becoming the "Robinhood of crypto", according to co-founder Cindy Leow.

Decentralized Approach

As a decentralized platform, Drift differentiates itself from centralized exchanges in that there is no single entity in control of users' funds. The platform is governed by a decentralized autonomous organization (DAO) and an associated token, DRIFT.

Solana Ecosystem

Solana is the closest competitor to Ethereum, which remains the biggest blockchain for DeFi activity. Leow believes Solana is the best venue for a platform like Drift, citing the chain's high activity, user count, and seamless integration.

Headcount Growth

Drift intends to double its headcount to 50 within the next year as it works towards its goals.

Source: https://www.coindesk.com/business/2024/09/19/solana-based-drift-raises-25m-toward-goal-of-becoming-robinhood-of-crypto-report/

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