September 20, 2024
Drift Labs, a remote team developing a decentralized derivatives cryptocurrency exchange on Solana, has raised $25 million in Series B funding. The funding round was led by Multicoin Capital, with additional investments from Blockchain Capital, Folius Ventures, Maelstrom, and Primitive.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Drift | $25M | September 20, 2024 | Series B | Multicoin Capital | DeFi |
The company plans to use the funds to enhance its operations and further its development initiatives.
Co-founded by Cindy Leow, Drift Labs is focused on creating a DeFi, fully on-chain perpetual futures exchange on Solana, aiming to deliver a cutting-edge, trader-centric experience similar to that of centralized exchanges.
About Drift
Drift is a decentralized exchange built on the Solana blockchain, offering perpetual futures and spot trading with leverage. It allows users to trade various assets with up to 20x leverage, deposit multiple types of collateral, and earn yield automatically. Drift aims to provide a seamless, trader-centric experience with low fees, minimal slippage, and fast transaction speeds.
Website: https://www.drift.trade/
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About Investor
Investor: Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that specializes in cryptocurrencies, tokens, and blockchain companies that are reshaping trillion-dollar markets. The firm manages a hedge fund and several venture funds, investing across both public and private markets.
Location: Austin, TX
Website: https://multicoin.capital/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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