Solana-based DeFi platform Drift has secured $25 million in a Series B funding round to enhance its exchange and develop a “superapp” for decentralized trading. The round was spearheaded by Multicoin Capital, with additional backing from Blockchain Capital, Folius Ventures, Maelstrom, and Primitive. The news was shared on X, previously Twitter.
Drift aims to build a comprehensive suite of financial services tools, including spot and derivatives trading, as well as a predictions market. It plans to be the first on-chain platform offering cross-collateral margin accounts across its product suite, covering perpetual derivatives markets, spot markets, borrow-lend markets, and prediction markets.
What makes Drift unique compared to centralized exchanges is its decentralized governance, managed by a DAO and supported by the DRIFT token, which has gained 2.1% in value over the last 24 hours, trading above $0.71. Unlike centralized platforms where users’ funds are held by a single entity, Drift gives users full control over their assets.
Solana, the blockchain on which Drift is built, is a strong competitor to Ethereum, the dominant player in DeFi. Drift co-founder Cindy Leow emphasized the advantages of Solana over Ethereum, stating that Solana’s high activity, large user base, and seamless integration make it a more attractive platform for tokenized asset issuers.
Leow also expressed her vision for Drift to become the “Robinhood of crypto,” aiming to simplify access to DeFi trading for a broader audience. To support this growth, the company plans to double its headcount to 50 employees within the next year.
The funding news was initially reported by Fortune.