Squads Labs Secures $10 Million in Series A Funding

Squads Labs has successfully secured $10 million in Series A funding, with Electric Capital leading the investment round. Other key investors include RockawayX, Coinbase Ventures, L1 Digital, Placeholder, and Mert Mumtaz, who have joined forces to bolster Squads Labs in enhancing on-chain transaction security and usability.

Established in 2021, Squads Labs initially concentrated on developing tools tailored for decentralized autonomous organizations (DAO). The company ingeniously crafted the Squads Protocol, a robust solution that has safeguarded more than $10 billion in Solana and SVM.

The powerful Squads App, adopted by a substantial 250 teams, serves as a comprehensive platform for managing on-chain assets such as treasury, admin keys, and tokens. The continuous evolution of Squads Protocol fortifies smart accounts, laying the groundwork for a more refined Squads App that streamlines on-chain operations for corporate entities.

A notable innovation by Squads Labs is the introduction of Fuse, a groundbreaking security feature tailored for personal asset management. Fuse eliminates the necessity for seed phrases and introduces enhanced security measures like wallet recovery and two-factor authentication (2FA), thereby rendering on-chain asset storage accessible and highly secure for individuals.

The recent public launch of TestFlight for iOS expands the reach of Solana users, granting access to the same cutting-edge smart account technology embraced by prominent protocols, teams, and investors.

This substantial Series A funding round paves the way for the development of SVM smart accounts geared towards developers. As the on-chain economy thrives, the integration of smart accounts and wallets across multiple blockchains is poised to become more prevalent, fostering a safer and user-friendly environment for blockchain interactions.