TL;DR
Squads Labs has raised $10 million in a Series A funding round led by Electric Capital.
They have launched Fuse, an iOS wallet app focused on the retail user, in public TestFlight.
Squads Protocol currently secures over $10 billion in assets and has over 250 enterprise clients.
Squads Labs, lead developer of the Solana-based multisig protocol, has managed to raise $10 million in a Series A funding round.
This funding round, led by Electric Capital, included participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures.
1/ We are excited to announce our $10M Series A led by @ElectricCapital, to continue our mission to grow the onchain economy by developing smart account technology and products that make it easy for businesses and individuals to securely manage and own digital assets. pic.twitter.com/jfmf4m587Z
— Squads Labs (@SquadsLabs) June 10, 2024
With this latest investment, the total funds raised by Squads Labs amounts to $22.5 million, considering the $12.5 million obtained in previous rounds.
The Squads protocol, launched in 2021, has established itself as an essential tool for on-chain asset management, providing multi-signature security for treasuries, tokens, and administrative keys.
Since its launch, it has seen impressive growth, currently securing over $10 billion in assets, a significant increase from the $500 million reported in October last year.
Additionally, the customer base has also increased from over 100 in October to over 250 today, with notable clients such as Jito, Jupiter, Tensor, Drift, Zeta, Backpack and Kamino.
With the new funding, Squads Labs plans to continue improving its protocol and expanding its services to help more businesses manage their on-chain operations at all stages of their lifecycle.
This funding will also allow for the expansion of the Squads Labs team, which currently has 17 employees, by hiring additional designers and engineers.
Additionally, the company is in the process of establishing its permanent headquarters in Dubai.
Launch of Fuse, Solana’s smart wallet
In an effort to expand its product offering, Squads Labs has launched Fuse, an iOS wallet app geared toward the retail user, available on public TestFlight.
Fuse is Solana‘s first smart wallet that allows users to leverage Squads protocol smart accounts to secure their personal assets.
Unlike other wallets like Phantom, which focus on ecosystem integration and connectivity, Fuse presents itself as a solution for digital asset storage and accumulation, with advanced security features such as two-factor authentication (2FA), wallet recovery, progressive security, temporary blocks and spending limits.
Stepan Simkin, CEO of Squads Labs, explained that Fuse is not intended to compete directly with the leading Solana wallets, but rather to offer a secure alternative to manage digital wealth without relying exclusively on cold wallets or centralized exchanges (CEXs).
The Fuse app will officially launch on the main app store in early July, offering a reliable tool for users looking for greater security and control over their digital assets.
With this launch, Squads Labs reaffirms its commitment to innovation in the chain economy, providing technological solutions that facilitate secure asset management for both companies and individuals.
The combination of robust funding and a clear strategy for product development positions Squads Labs as a key player in the Solana ecosystem, significantly contributing to the growth and evolution of the cryptocurrency market and blockchain technology.
