Drift Labs raised $25M in a Series B led by Multicoin Capital to expand its decentralized exchange platform and double its staff from 25 to 50.

Sep 19, 2024•11 months ago

Amount Raised

$25 Million

Round Type

series b

SydneyCryptocurrencyBlockchain

Investors

Folius VenturesPrimitive VenturesBlockchain CapitalMulticoin Capital

Description

Drift Labs, a decentralized exchange platform built on Solana, has secured $25 million in a Series B funding round led by Multicoin Capital, with participation from Blockchain Capital, Primitive Ventures, and Folius Ventures. The funding will help the company expand its suite of financial services and its team significantly over the next year.

Company Information

Company

Drift Labs

Location

Sydney, New South Wales, Australia

About

Drift Labs is a decentralized exchange platform built on the Solana blockchain. The company aims to become the 'Robinhood of Crypto' by providing a broad range of services including spot and derivatives trading. Drift operates using a permissionless structure and is governed by its community via a decentralized autonomous organization (DAO). It has grown to serve 200,000 users and has facilitated over $50 billion in cumulative trading volume.

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