{"id":19657,"date":"2024-09-20T11:41:12","date_gmt":"2024-09-20T11:41:12","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=19657"},"modified":"2024-09-20T11:41:12","modified_gmt":"2024-09-20T11:41:12","slug":"drift-the-next-big-thing-in-crypto-trading-raises-25-million-to-revolutionize-the-market","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/drift-the-next-big-thing-in-crypto-trading-raises-25-million-to-revolutionize-the-market\/","title":{"rendered":"Drift, The Next Big Thing in Crypto Trading, Raises $25 Million to Revolutionize the Market"},"content":{"rendered":"\n

The cryptocurrency realm is changing rapidly, particularly with various layer-1 and layer-2 blockchains emerging. In this evolving environment, Drift, a decentralized finance (DeFi) platform, is achieving significant strides on the Solana (SOL) blockchain.<\/p>\n

Recently, Drift revealed it had successfully secured $25 million in a Series B funding round, spearheaded by Multicoin Capital, a venture capital firm specializing in cryptocurrency. Co-founder Cindy Leow stated that this funding will help realize Drift\u2019s ambition of becoming the \u201cRobinhood of crypto.\u201d<\/p>\n

Solana\u2019s Role in Drift\u2019s Functionality<\/h2>\n

During a recent interview<\/a> with Fortune, Leow shared her vision of positioning Drift as a full-fledged on-chain financial institution. The platform aims to broaden its range of financial services, which already includes spot trading, derivatives trading, and a prediction market\u2014all established on the Solana blockchain.<\/p>\n

Established in 2021, Drift functions as a derivatives exchange, setting itself apart from centralized exchanges like Coinbase and Binance through its open-access framework on Solana.<\/p>\n

This system offers users full control over their funds, free from any central authority overseeing their assets. Although Solana has decentralized exchanges (DEXs), Drift distinguishes itself by providing a wider variety of products, such as borrowing and lending protocols.<\/p>\n

Drift Labs is the organization fostering the development of Drift\u2019s software and protocols, which are managed by a token (DRIFT) and a decentralized autonomous organization (DAO).<\/p>\n

One of Drift\u2019s standout offerings is the perpetual future\u2014an innovative derivative contract enabling traders to speculate on an asset\u2019s future prices without any expiration. While tailored for more advanced investors, access to these perpetual futures is limited in the U.S., where only spot trading is permitted.<\/p>\n

A notable feature of Drift is its cross-margining ability, allowing users to use various assets\u2014like dollar-pegged stablecoins, Solana, and wrapped Bitcoin\u2014for collateral in trading activities.<\/p>\n

<\/span>Expansion Plans After Successful Funding Round<\/span><\/h2>\n

As reported by Fortune, Drift\u2019s rapid growth has garnered attention, attracting over 200,000 users and amassing over $50 billion in total trading volume.<\/p>\n

The recently concluded Series B funding round brings Drift\u2019s total capital raised to $52.5 million, with plans underway to grow its workforce from 25 to 50 employees in the coming year.<\/p>\n

Under Leow\u2019s guidance, Drift is notable for being a female-led company within the crypto space, highlighting exceptional gender diversity, with around half of its leadership team comprising women.<\/p>\n

<\/p>\n

As of this writing, Solana is priced at $143, having risen nearly 12% in the past 24 hours, surpassing many of the ten largest cryptocurrencies, including Bitcoin and Ethereum.<\/p>\n

This price increase follows the Federal Reserve\u2019s announcement to lower interest rates by 0.50 basis points, a move that has so far encouraged a bullish outlook in the market.<\/p>\n

Image sourced from DALL-E, chart data from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency realm is changing rapidly, particularly with various layer-1 and layer-2 blockchains emerging. In this evolving environment, Drift, a decentralized finance (DeFi) platform, is achieving significant strides on the Solana (SOL) blockchain. Recently, Drift revealed it had successfully secured $25 million in a Series B funding round, spearheaded by Multicoin Capital, a venture capital […]<\/p>\n","protected":false},"author":1,"featured_media":19658,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Drift, The Next Big Thing in Crypto Trading, Raises $25 Million to Revolutionize the Market - Bitrabo","description":"The cryptocurrency realm is changing rapidly, particularly with various layer-1 and layer-2 blockchains emerging. In this evolving environment, Drift, a decentr"},"footnotes":""},"categories":[316],"tags":[5508,504,3470,590,561,873,1100,1213],"class_list":["post-19657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-25-million","tag-crypto","tag-drift","tag-exchange","tag-million","tag-robinhood","tag-secures","tag-solana"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=19657"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/19658"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=19657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=19657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=19657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}