Solana Multisig Protocol Developer Squads Labs Raises $10M, Launches Fuse

  • Solana-based Squads Labs successfully raised $10 million in a Series A funding round with the participation of Electric Capital and other investors. 
  • Squads have also launched its retail-oriented iOS wallet app, Fuse, on the testFlight, and is expected to be made available in the main app store by early July. 

The main developer of the Solana-based multisig protocol Squads, Squads Labs, has 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 on three separate funding rounds. 

According to reports, the funding round was led by Electric Capital with “Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures” participating. For context, Squads Labs started 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 equity with token warrants, similar to the Squads’ seed round. 

Over the years, Squads has assisted businesses in managing on-chain assets such as treasury, tokens, and admin keys alongside multi-signature security. Also, it has helped secure over $10 billion in assets since inception, marking a huge jump from $500 million in October last year. According to Simkin, the company has also witnessed a considerable jump in the number of its clients from a little over 100 to 250. Currently, its biggest clients are Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino. With this fresh funding, Squads plans to enhance its protocol and ensure that more businesses run their on-chain workflows at each stage of the cycle. 

Squads Labs Launches iOS Wallet App

In addition to this groundbreaking development, Squads has officially launched its retail-oriented iOS wallet app, Fuse, on the testFlight. According to the team, Fuse is a Solana-based wallet created on top of the Squads protocol with multi-signature security for personal assets. With Fuse having a lot of similarities with Phantom and other Solana-based wallets, Simkin has clarified that Fuse would not compete with these existing wallets. Per his explanation, the other Solana-based wallets pay attention to connectivity and onboarding, however, Fuse focuses on the ultimate savings account. 

While Phantom and other wallets focus on onboarding and connectivity, Fuse aims to be the ultimate savings account for your digital net worth, eliminating the need for solely relying on cold wallets or CEXs [centralized exchanges]. So the focus is 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 storing and compounding assets, while other providers are for ecosystem interactions.

By early July, Squads would launch Fuse on the main app store.

Regardless of this announcement, Solana’s (SOL) price continues to decline with a 3% fall in the last 24 hours, trading at $154. In the last seven days, SOL has fallen by 6% despite its 24 trading volumes up by 37% to reach $2 billion. 

Over the past week, the price has been trading in a descending trend marked by lower lows and lower highs, trading in the range of $175 to $153. 

 

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