Drift Labs, the developer of a decentralized finance platform built on the Solana blockchain, announced Thursday it has raised $25 million in new funding to expand its services.
The Series B round was led by Multicoin Capital and attracted investments from Blockchain Capital, Folius Ventures, Maelstrom and Primitive.
The company said it intends to use the new capital to fund its goal of expanding its “SuperApp” cryptocurrency exchange for financial services, which includes spot and derivative trading, borrow-lend markets and prediction markets.
Drift differentiates itself from centralized cryptocurrency exchanges such as Coinbase Global Inc. and Binance Holdings Ltd. in that it’s a peer-to-peer marketplace where users can trade cryptocurrencies without the need for an intermediary. It’s built on the Solana blockchain, the third-largest blockchain by total value locked, and competes with the second-largest blockchain…
