Solana Multisig Protocol Developer Squads Labs Raises $10M
The post Solana Multisig Protocol Developer Squads Labs Raises $10M appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ June 12, 2024 9:10 am