Solana
Squads Labs Announces First-Ever Solana Smart Wallet
Squads Labs, the platform behind the multisig smart account standard Squads protocol and Solana Virtual Machine (SVM), announced the launch of Fuse.
Fuse is the world’s first smart wallet Blockchain Solananoted the main contributor to the Squads Protocol in a blog post Monday.
First smart wallet on Solana
Fuse is a retail-focused wallet app that is now available on iOS devices via a public TestFlight.
The wallet leverages smart accounts to redefine the management of a user’s crypto assets. It reinvents the functionality of crypto wallets to meet users’ personal crypto asset management needs.
“For the first time, Solana users can access the same smart account technology used by Solana’s largest protocols, teams and investors,” Squads Labs wrote.
With Fuse, users can access a wallet mechanism that provides dual-level security, thereby strengthening wallet security. The wallet uses two primary keys, or active keys.
There is a “device key” that stays on the user’s phone and leverages Apple’s biometric authentication (Face ID) for security.
Meanwhile, the “2FA key” ensures that all transactions go through two-factor authentication for all transactions. While Fuse automatically sets the 2FA key on the user’s iCloud, one can reset it on Ledger as part of their upgrade.
The fact that each transaction requires both verification methods eliminates the single point of failure that characterizes traditional walletsexplained the Squads team.
Squads Labs secures $10 million in funding
In addition to Fuse news, Squads Labs announcement it secured $10 million in a funding round led by venture capital firm Electric Capital.
The funding round also attracted participation from major cryptocurrency venture capital firms, including Coinbase Ventures, Placeholder VC, L1 Digital, and RockawayX.
Squads Labs also raised funding from Mert Mumtaz, co-founder and CEO of Helius, a Solana-based RPC platform.
The latest funding brings Squads Labs to a total of $22.5 million over four rounds. It’s an injection of capital that Squads plans to invest in products like Fuse and a developer toolkit for SVM-enabled smart accounts.