Squads Raises $10 Million; Launches Fuse Retail Wallet App on Solana
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Squads Labs, the primary developer behind the Solana-based multisig protocol Squads, has raised $10 million in a Series A funding round.
Concurrently, the company has introduced its retail-focused iOS wallet app named Fuse, which is now available for public testing on TestFlight.
Squads Labs, the developer behind the Solana-based multisig protocol Squads, has successfully raised $10 million in a Series A funding round.
Electric Capital led the funding, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, among others.
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The fundraising campaign, initiated in March, concluded earlier this month.
This Series A funding brings Squads’ total funding to $22.5 million, having previously raised $12.5 million across three earlier funding rounds.
Squads is renowned for its Solana-based multisig protocol, which facilitates the secure management of on-chain assets such as treasury funds, tokens, and administrative keys through multi-signature security.
Since its launch in 2021, Squads has played a pivotal role in securing over $10 billion in assets, marking a substantial increase from $500 million just last October.
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According to Squads Labs CEO Simkin, the number of clients utilizing Squads has grown significantly, from over 100 in October to more than 250 currently. Notable clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.
With the fresh infusion of capital, Squads plans to further enhance its protocol capabilities and expand its support for businesses across all stages of their on-chain workflows.
Squads Labs has expanded its offerings with the launch of Fuse, a retail-oriented iOS wallet app built on the Solana blockchain. Fuse integrates Squads’ multisig protocol to provide secure management of personal assets through multi-signature security.
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