San Francisco-based Squads Labs has announced a successful $10 million Series A funding round, spearheaded by Electric Capital and joined by notable investors such as RockawayX, Coinbase Ventures, L1 Digital, Placeholder, and Mert Mumtaz. The startup plans to utilize this investment to further its mission of simplifying and securing onchain transactions and asset management through its innovative smart account technology.
Since its inception in 2021, Squads Labs has evolved from serving decentralized organizations to providing solutions for traditional enterprises as well, recognizing the growing importance of onchain operations across various sectors.
A Suite of Cutting-Edge Solutions
The company has developed a suite of products designed to streamline and secure onchain processes:
Squads Protocol: A robust smart account standard for Solana and SVM, currently safeguarding over $10 billion in assets.
Squads App: A trusted platform used by over 250 teams to manage a wide range of onchain assets, including treasuries, program upgrade authorities, and tokens.
Fuse: A user-friendly smart wallet for individuals, focusing on eliminating seed phrases and enhancing security through wallet recovery and two-factor authentication. Fuse is currently in public beta testing for iOS.
Looking Ahead
With the new funding, Squads Labs aims to:
Fortify the security and functionality of the Squads Protocol.
Enhance the Squads App for a seamless user experience.
Prepare for the full launch of Fuse to empower individuals to manage their digital wealth securely.
Develop a comprehensive developer toolkit for SVM smart accounts.
Join the Movement
Squads Labs welcomes individuals and teams to be part of their journey:
Individuals: Download Fuse and join the Telegram group for updates.
Teams on Solana: Create an account on the Squads App.
Talent: If you're passionate about onchain innovation, reach out to the team.
Stay connected with Squads Labs as they continue to pioneer advancements in the onchain landscape.