Venture Capital firm Electric Capital invests $10 million in Series A funding for multi-signature protocol Squads, which operates on the Solana blockchain network.
Squads Labs, a multi-sig protocol based on Solana, has announced the successful completion of a $10 million Series A funding round. The round was led by Electric Capital and included participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, the co-founder and CEO of Helius and founder of Odyssey Ventures, who joined as an angel investor.
The funds raised will be used to expand Squads Labs' team, with plans to hire more designers and engineers. Notable additions to the team are expected from Volkswagen and Telefonica in July.
Fuse, the retail-focused iOS wallet app developed by Squads Labs, is designed primarily for storing and compounding assets, setting it apart from other providers that focus on ecosystem interactions. The app is scheduled to launch in the main iOS App store in July.
Fuse offers a smart wallet solution, allowing users to access their accounts without the need to remember key phrases, while maintaining security. It focuses on internal features like two-factor authentication (2FA), wallet recovery, progressive security, time locks, and spending limits.
One of the key features of Fuse is its multi-signature security, which allows companies and businesses to manage digital assets securely. This feature has already been adopted by more than 250 businesses, including Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.
Squads Labs' protocol has helped secure $10 billion in digital assets to date, a significant increase from the $500 million secured as of October 2023. The company recently announced the launch of Fuse on public TestFlight.
Stepan Simkin, CEO of Squads Labs, stated that Fuse does not view Solana-based Phantom as a direct competitor. Instead, Fuse aims to be the ultimate savings account for digital net worth, eliminating the need for cold wallets or centralised exchanges (CEXs).
With the successful funding round and the impending launch of Fuse, Squads Labs is poised to make a significant impact in the digital asset management sector.
