Fri Sep 20 11:30:10 UTC 2024: ## Drift Raises $25 Million to Become the ‘Robinhood of Crypto’
**San Francisco, CA** – Decentralized finance platform Drift, built on the Solana blockchain, has raised $25 million in a Series B funding round led by Multicoin Capital. This brings the company’s total funding to $52.5 million.
Co-founder Cindy Leow, who leads the female-led company with a strong emphasis on gender diversity, envisions Drift as the “Robinhood of crypto.” The platform aims to be a comprehensive on-chain financial institution, offering a wide range of services beyond traditional trading.
Currently, Drift offers spot and derivatives trading, including popular perpetual futures contracts, as well as a prediction market. The platform is also expanding its borrowing and lending protocols, setting itself apart from other decentralized exchanges (DEXs) on Solana.
“Drift is built on a permissionless structure, ensuring users have complete control over their funds,” Leow explained to Fortune magazine. “We’re offering users access to a comprehensive suite of financial services, all powered by the Solana blockchain.”
Drift’s growth is undeniable. The platform boasts over 200,000 users and has processed more than $50 billion in cumulative trading volume. The recent funding will be used to expand the company’s workforce from 25 to 50 employees within the next year.
The news comes amid a wider positive sentiment in the cryptocurrency market. Solana, the blockchain on which Drift is built, has seen its price increase by nearly 12% in the last 24 hours, outperforming major cryptocurrencies like Bitcoin and Ethereum. This surge follows the Federal Reserve’s announcement to cut interest rates.
With its ambitious vision and strong community, Drift is poised to become a major player in the evolving DeFi landscape. The company’s commitment to innovation and user-centricity, combined with its growing suite of financial services, suggests a bright future for the platform.
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