Solana-Based Drift Raises $25M Toward Goal of Becoming 'Robinhood of Crypto:' Report

The DeFi platform plans to build an array of financial services tools, including spot and derivatives trading and a predictions market.

Solana-based Drift raises $25M to become the 'Robinhood of crypto'

The DeFi platform plans to build an array of financial services tools, including spot and derivatives trading and a predictions market.

Bitcoin ETFs still 'wildly successful': Kraken head of strategy

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

Drift plans to build an array of financial services tools, including spot and derivatives trading and a predictions market to become the "Robinhood of crypto," co-founder Cindy Leow said, according to the report. The company intends to double its headcount to 50 within the next year.

As a decentralized platform, Drift differentiates itself from centralized exchanges in that there is no single entity in control of users' funds. Drift's protocol is governed by a decentralized autonomous organization (DAO) and an associated token, DRIFT, which has risen 2.1% in the last 24 hours to just above $0.71.

Solana is the closest competitor to Ethereum, which remains comfortably the biggest blockchain for DeFi activity. However, Leow says she thinks Solana is still the best venue for a platform like Drift.

“When we’re thinking about a future where every single asset will be tokenized ... we don’t think that an issuer is actually going to look at Ethereum," she said, according to the report. “They’re probably going to look at the chain that has the highest amount of activity, the highest amount of users, and the most seamless integration."

Drift did not immediately respond to CoinDesk's request for further comment.

Read More: Tokenized RWA Platform Huma Finance Gets $38M Investment, Plans Expansion to Solana and Stellar’s Soroban

Edited by Nik De

Disclosure

Please note that our privacy policy, terms of use, cookies and do not sell my personal information govern your use of this site. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Some DCG employees hold cryptocurrencies. CoinDesk was acquired by Block, Inc. in 2023.

Jamie Crawley is a CoinDesk news reporter based in London.

The above is the detailed content of Solana-Based Drift Raises $25M Toward Goal of Becoming 'Robinhood of Crypto:' Report. For more information, please follow other related articles on the PHP Chinese website!