?>

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

149 views

  • 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. 

Bitcoin coin symbol
Btc
Bitcoin
$62.547
price
red chart
decrease symbol0.84959%
price change
TRADE NOW

 

Previous

Is Bitcoin Crashing Because Of Miner Capitulation And Speculative BTC Bets?

Next

Binance Coin (BNB) Hits All-Time High, CZ Becomes Wealthiest US Prisoner

Written by

Crypto News

@cryptonews

15945 posts

Read the latest Crypto news on Bitcoin, Altcoins, Blockchain, Web3 and Market updates. Stay informed with Crypto Adventure our daily news.

VIEW AUTHOR

More author posts

Bitcoin Price Holds Above $63,000 — Here’s The Next Critical Resistance Level

The Bitcoin price has been relatively quiet in October, but things seem to be looking up after the premier cryptocurrency broke the $63,000 mark on Saturday, October 12. However, the crypto has to scale a major resistance level if the current bull run is to get back on track. $64,000 The Resistance Level To Watch: Analyst In a Quicktake post on CryptoQuant, an analyst with the pseudonym ShayanBTC has put forward an interesting prognosis for the Bitcoin price in the…

Analyst Forecasts XRP Bullish Breakout – A 1,000% Opportunity?

XRP is currently testing a crucial resistance level that will shape its price action in the coming weeks. After the euphoria surrounding the Federal Reserve’s interest rate cuts in late September, the market is experiencing uncertainty and anxiety. While some investors remain optimistic, the recent price movements of XRP have led to a sense of caution.  Top crypto analyst Amonyx has shared insights into the potential for an unexpected XRP rally. In his analysis, he suggests that the altcoin might…

Analyst Sets $2.50 Target For SUI Following 30% Weekly Gain – Details

Sui (SUI) has been one of the most popular crypto assets of 2024, with notably high market gains and drastic price losses over the year. The altcoin is currently moving sideways following a recent price rally in the last week. As usual, these consolidative movements draw much speculation on the token’s next price action. SUI To Record ATH At $2.50, Analyst Says In an X post on Saturday, market analyst Michaël van de Poppe dropped a new price target for…

Active Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally?

Dogecoin is currently in a consolidation phase following days of sharp volatility and wild price swings. Since the start of October, the meme coin has been trading within a tight sideways range, leaving some investors concerned about whether the anticipated rally for DOGE will ever materialize. The uncertainty in the market has heightened fears that Dogecoin’s price might stagnate further, as bullish momentum seems to have cooled off. However, new data from Santiment offers a glimmer of hope for DOGE…

Forget Dogecoin (DOGE), This New Crypto Will Make DOGE’s 2021 Rally Look Like a Joke

Trends are cyclical and while a few digital coins appeal to the general populace a little more than others, others fade away. Keeping in mind the latest trends, cryptocurrencies such as Dogecoin (DOGE) gained much popularity due to the social media ‘hype’ among clients and endorsements from celebrities, and in the year 2021, it reached its actual deep growth and surprising shots. Nevertheless, with the advancements in the crypto space, there is a new challenger ready and that can do…

This New Cheap Token Under $0.10 Is Set to Make Early Investors Rich, Just Like NEIRO Did Last Month

The field of cryptocurrency is one of the best business opportunities which are expanding rapidly today. So, one of the keys to earning good returns is the ability to concentrate on the area that is about to offer some very attractive investment prospects. All those investors who came to NEIRO last month got the benefit of this increase, changing their reasonable investments to good profits. Now, there is another crypto that is ready to serve similar purposes: Rexas Finance (RXS).…

Publish your own article

Guest post article. Guaranteed publishing with just a few clicks

START PUBLISHING ADVERTISE WITH US

Browse categories

Explore trending topics in the crypto community right now.

Bitcoin

SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets

The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…

Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China.  In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…

Tesla’s BTC Positions Remained Unchanged in Q4 of 2022

According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…

Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF

The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF.  Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor.  Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…

MORE ARTICLES

Ethereum

Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live

At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…

Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears

Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system.  However, since the Beacon launch…

FTX Hacker Converts 50k Stolen ETH to BTC

Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%.  https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…

Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to…

MORE ARTICLES

Trading

How to Leverage Arbitrage Opportunities in Crypto Markets

Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit.  Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…

The Different Types of Copy Trading in Crypto

Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…

How to Spot an Unsafe Crypto Exchange

Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable.  With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange.  The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…

What Is Grid Trading in Crypto?

Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…

MORE ARTICLES

Tech

Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity

The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…

Bit2Me Champions WEMIX Token in Pioneering European Listing

Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…

CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades

In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing  CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…

Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management

The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…

MORE ARTICLES