Decentralized finance (DeFi) platform Drift has successfully raised $25 million in Series B funding aimed at expanding its Solana-based exchange. The funding round was led by Multicoin Capital, with participation from Blockchain Capital, Folius Ventures, Maelstrom, and Primitive, as announced in a post on X.
Drift announced that it will be the “first on-chain platform to offer cross-collateral margin accounts” across a comprehensive suite of DeFi products, which includes perpetual derivatives markets, spot markets, borrowing and lending markets, and prediction markets.
As a decentralized platform, Drift stands out from centralized exchanges by ensuring that no single entity controls users’ funds. The platform operates under a decentralized autonomous organization (DAO), and its associated token, DRIFT, has increased by 2.1% in the past 24 hours, trading just above $0.71.
While Solana is often viewed as a competitor to Ethereum, which remains the leading blockchain for DeFi activity, Drift’s co-founder, Cindy Leow, expressed confidence in Solana’s potential. She stated that the platform aims to become the “Robinhood of crypto” and plans to double its workforce to 50 within the next year.
Leow believes that Solana will emerge as the premier venue for platforms like Drift, as issuers of tokenized assets will gravitate towards the blockchain with the highest user activity and seamless integration capabilities.
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