Drift Raises $25M for Solana-Based DeFi Ecosystem
CryptoNewsTerminal Staff19 Sep, 2024
Drift Raises $25M for Solana-Based DeFi Ecosystem
Drift, a Solana-based perpetual futures DEX, has secured $25 million in a Series B funding round led by Multicoin Capital. The investment will fuel the development of a comprehensive suite of financial services on Solana, including spot and derivatives trading, and market predictions. Cindy Leow, Drift's co-founder, expressed that the company's goal is to become the "Robinhood of crypto" by offering a user-friendly platform for trading and financial management. The funding will also support the expansion of Drift's team and the launch of new products and features. Drift's Series B round follows a successful year for the company, which saw a surge in trading volume and user adoption. The platform's focus on Solana's fast and low-cost blockchain has attracted a growing number of traders and investors. With the fresh capital, Drift is poised to further cement its position as a leading player in the decentralized finance (DeFi) space.
