Drift Labs raised $25M in Series B funding led by Multicoin Capital

Drift Labs, a decentralized exchange (DEX) on Solana, has raised $25 million in Series B funding. Multicoin Capital led the round, with Blockchain Capital, Primitive Ventures, and Folius Ventures also participating. 

This private token sale brings Drift Labs' total funding to $52.5 million. Will this development impact the Solana ecosystem?

Aiming to Transform Crypto Trading

In an interview with Fortune, Drift Labs co-founder Cindy Leow shared their ambitious plans. She envisions Drift as the “Robinhood of Crypto,” offering a range of services. 

These include spot and derivatives trading, as well as a prediction market, all built on Solana. She also highlighted the goal of speeding up product development and expanding the team.

The Drift protocol is managed by a decentralized autonomous organization (DAO) using the $DRIFT token for governance. This structure allows Drift to evolve with community feedback.

Drift’s unique perpetual futures trading allows users to speculate on asset prices without a set expiry date. It’s a complex, regulated product aimed at sophisticated investors outside the US.

Growth and Future Plans

Since inception in November 2021, Drift Labs has seen significant growth. The platform now has 200,000 users and over $50 billion in trading volume. 

The new funding will help Drift double its staff from 25 to 50 within the next year. Drift stands out for its leadership diversity. 

Leow noted that about half of the executive team are women. This focus on inclusivity is a key part of Drift’s identity in the crypto industry.

Drift Labs plans to further innovate and strengthen its position in the market with this capital injection. The platform aims to enhance its offerings and expand global reach by providing advanced financial tools and services.