Squads Labs, the developer of the Solana-based multisig protocol Squads, has successfully raised million in a Series A funding round. This funding round was led by Electric Capital, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and other investors. This latest funding brings Squads Labs’ total funding to .5 million, after raising .5 million in three separate funding rounds.
Squads has been instrumental in helping businesses manage on-chain assets such as treasury, tokens, and admin keys with multi-signature security. The company has secured over billion in assets since its inception, showing significant growth from 0 million in assets just last year. Squads has also seen an increase in its client base, with the number of clients rising from just over 100 to 250. Some of the company’s biggest clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.
With the fresh funding, Squads plans to enhance its protocol and support more businesses in running their on-chain workflows at every stage of the cycle. Additionally, Squads has launched its retail-oriented iOS wallet app, Fuse, on the testFlight platform. Fuse is a Solana-based wallet built on top of the Squads protocol, offering multi-signature security for personal assets. The app aims to provide users with the ultimate savings account experience, focusing on features like 2FA, wallet recovery, progressive security, time locks, and spending limits.
Fuse will be available in the main app store by early July, offering users a secure and user-friendly option for storing and compounding assets. In the midst of these developments, Solana’s (SOL) price has experienced a 3% decline in the last 24 hours, trading at 4. Despite this recent dip, SOL’s trading volumes have increased by 37% over the last seven days, reaching billion. The price of SOL has been trading in a descending trend over the past week, fluctuating between 5 and 3.
