Squads Labs, a company developing tools for blockchains, secured $10 million in funding. Electric Capital led the investment round, with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz. This funding will allow Squads Labs to improve the security and ease of use for transactions involving digital currencies.
Founded in 2021, Squads Labs initially focused on tools for decentralized autonomous organizations (DAO). The company developed Squads Protocol, securing over $10 billion in Solana and SVM.
The Squads App, used by over 250 teams, manages on-chain assets, treasury, admin keys, and tokens. The progression of Squads Protocol secures smart accounts and opens the possibility of progressing the Squads App, easing tasks on-chain for enterprises.
Squads Labs launched Fuse which offers security for personal asset management. Fuse eliminates the need for seed phrases, offering wallet recovery and two-factor authentication (2FA), making on-chain asset storage accessible and secure for individuals.
With the public TestFlight for iOS now open, more Solana users can benefit from the same smart account technology trusted by leading protocols, teams, and investors.
The Series A funding will facilitate the development of SVM smart accounts for developers. With the growth of the on-chain economy, smart account and wallet integration for multiple blockchains will become more widespread and provide users with a safer and more user-friendly environment for working with blockchains.
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