Solana
Solana Multisig Protocol Developer Squads Labs Raises $10 Million
- Solana-based Squads Labs successfully raised $10 million in a Series A funding round with participation from Electric Capital and other investors.
- Squads also launched its retail-focused iOS wallet app, Fuse, on testFlight, and is expected to be available in the main app store by early July.
The lead developer of Solana-based multisig protocol Squads, Squads Labs, announced that it has raised $10 million in a Series A funding round. This brings the total funding to $22.5 million after raising $12.5 million in three separate funding rounds.
According to reports, the funding round was led by Electric Capital with “Coinbase Companies, Placeholder VC, RockawayX, L1 Digital and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures” are participating. As a reminder, Squads Labs launched the fundraising campaign in March and ended it earlier this month. According to Stepan Simkin, CEO of Squads Labs, the funding round was structured as shares with tokenized warrants, similar to Squads’ seed round.
Over the years, Squads has helped businesses manage on-chain assets such as treasury, tokens and admin keys, as well as multi-signature security. Additionally, it has helped secure over $10 billion in assets since its inception, which is a significant increase from $500 million in October last year. According to Simkin, the company has also seen a huge increase in its customers, from just over 100 to 250. Currently, its biggest customers are Jito, Jupiter, Tensor, Drift, Zeta, Backpack and Kamino. With this new funding, Squads plans to improve its protocol and ensure more companies run their on-chain workflows at every stage of the cycle.
Squads Labs launches iOS Wallet app
In addition to this groundbreaking development, Squads has officially launched its retail-focused iOS. wallet app, Fuse, on testFlight. According to the team, Fuse is a Solana-based wallet built on the Squads protocol with multi-signature security for personal assets. With Fuse having many similarities to Phantom and other Solana-based wallets, Simkin clarified that Fuse would not compete with these existing wallets. According to his explanation, other Solana-based wallets pay attention to connectivity and integration, however, Fuse focuses on the ultimate savings account.
While Phantom and other wallets focus on integration and connectivity, Fuse aims to be the ultimate savings account for your digital net worth, eliminating the need to rely solely on cold wallets or CEX. [centralized exchanges]. The focus is therefore on internal features like 2FA [two-factor authentication], wallet recovery, progressive security, time locks and spending limits, allowing users to fully program their self-custody setup. The distinction I would make is that Fuse is for storage and asset composition, while other providers are for ecosystem interactions.
In early July, Squads would launch Fuse on the main app store.
Regardless of this announcement, Solana (SOL) the price continues to fall with a 3% drop in the last 24 hours, trading at $154. Over the past seven days, SOL has fallen 6% despite its 24 trading volume rising 37% to $2 billion.
Over the past week, the price has been in a downtrend marked by lower lows and lower highs, trading between $175 and $153.