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Squad Labs raises USD 10 million in Series A funding to develop smart wallet solution
Decentralized Finance (DeFi)
Jun 10, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

Jun 10, 2024

Squad Labs raises USD 10 million in Series A funding to develop smart wallet solution

Funding

  • Squad Labs, a digital asset management solutions provider, has raised USD 10 million in new funding led by Electric Capital, with participation from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder. This round brings the company's total funding to USD 22.2 million.

  • The company plans to use its new funding to develop its smart account technology and products further and increase its employee base. Moreover, the company also unveiled a smart wallet named "Fuse," which will feature two-factor authentication instead of traditional recovery phrases. 

  • Squads Labs is the developer of Squads, a multi-signature protocol built on the Solana blockchain that enables institutional clients to secure and manage their on-chain assets, such as cryptocurrencies, upgrade authorities, admin keys, and validators. Users can maintain self-custody of various assets, facilitate escrow services, and interact with various DeFi applications on Solana. Squads Labs also offers developer infrastructure for deploying smart contracts on the Solana virtual machine.

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