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TMCNet:  Drife Closes $2.7mm in Venture Token Funding, 30x Oversubscribed & Plans IDO & Uniswap Listing on Aug. 6th

[July 20, 2021]

Drife Closes $2.7mm in Venture Token Funding, 30x Oversubscribed & Plans IDO & Uniswap Listing on Aug. 6th

LOS ANGELES, July 20, 2021 /PRNewswire/ -- Drife today announced that it had closed its Seed & Private Token Sale of $2.7 mm and that it would perform its Initial Dex Offering / Public Sale on August 6th on PAID's Apollo-X IDO platform and Initial Exchange Offering on a soon-to-be-announced Tier 1 Cryptocurrency Exchange. The private sale of $2.7 mm was oversubscribed by approximately $90mm (30x oversubscribed). The round was led by Master Ventures, GD10, AU21 Capital, Titans Ventures and FBG Capital. It also announced the addition of key strategic advisors including Orion Depp & Kyle Chasse of Master Ventures.

Firdosh Sheikh, CEO of Drife stated "Our capital raise was oversubscribed by nearly $90mm and received interest from VCs and strategic partners in 6 continents. We'd like to thank our international community for support of the Drife vision. Our upcoming IDO on Apollo-X with Uniswap listing is a first major step towards transforming the ride-sharing industry. We want Drivers to be compensated as fairly for their hard work as Riders are able to pay them and, as such, have put all rideshare and corresponding payment data on the blockchain, through smart contracts. We intend to roll out our service with over 10,000 drivers in India in the coming months and then expand internationally shortly afterwards. We are also launching the use of our DRF token for bid-staking by franchisees in select Tier 1 international markets and for receipt of loyalty rewards by Drife app users."

Drife IDO Advisor Orion Depp also states, "Drife's unique business model is one which could set a new standard within the ridesharing industry. While Uber, Lyft & others were formed with good intentions they have become centralized, continuously paying their drivers less and charging their riders more. Smart contracts fix this problem by putting all ridesharing data on the blockchain. We've seen cryptocurrency usage experience rapid adoption by public and private transport agencies in Brazil. It's now likely that we see similar adoption across South America, Asia, & Europe, especially as innovation accelerates due to the Covid pandemic."

About Drife.
Drife is a ride-hailing application and peer-to-peer ridesharing network that uses blockchain-based smart contracts to provide ridesharing data and payment transparency to both drivers and riders alike. Drife removes the issue of centralization and constant price fluctuation as seen in Uber & Lyft by allowing Drivers to keep the vast majority of their fares. DRF's token utility is driven by bid-staking by franchisees and loyalty rewards and discounts for end-users. India-based Drife plans also plans to roll out its service in Asia & Europe later this year. Drife's partners and investors include Master Ventures, GD10 Ventures, AU21 Capital, Titans Ventures, FBG Capital, AE Ventures, Aeternity Blockchain, TDeFi, 1ex, Starfleet, BMW Capital, ChinaPolka, AVStar Capital, 18Ventures, Vitality, Space Capital, BTA Ventures, Sheesha Finance & Squares Capital. Its Team, Whitepaper, Tokenomics and other info can be found at www.drife.io
Drife Telegram Community
Drife Twitter

Contact:
Orion Depp
www.drife.io
Orion@drife.io

Cision View original content:https://www.prnewswire.com/news-releases/drife-closes-2-7mm-in-venture-token-funding-30x-oversubscribed--plans-ido--uniswap-listing-on-aug-6th-301337032.html

SOURCE Drife


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