The innovative team at Squads Labs, creators of the Squads Solana-based smart accounts protocol, the Squads app, and the smart account-enabled wallet Fuse, have successfully secured $10 million in funding during their Series A round. This exciting development, led by Electric Capital, will enable the company to enhance the functionality of their existing products and introduce Fuse to the market.
In a world where smart account protocols are becoming increasingly essential in the realm of Web3, Squads Labs has positioned itself as a leader in this space. With the support of investors such as Rockawayx, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, the company is poised to further advance the development of smart account technology and related products.
Squads Labs is renowned for its creation of the Squads protocol, a groundbreaking system of smart contracts designed to streamline account management and facilitate the creation of user-friendly apps and wallets. Additionally, the company has launched the Squads app, which harnesses the power of the Squads protocol to provide institutions with a platform for conducting on-chain operations complete with customizable security features, including treasury management capabilities.
With over $10 billion in assets under custody relying on their solutions, Squads Labs has seen significant adoption of the Squads app by 250 teams. Recognizing the growing importance of Web3 adoption, the company is dedicated to developing tools that make it easy for enterprises and individuals to engage in transactions, manage assets, and take ownership of digital assets.
To further this mission, Squads Labs has introduced Fuse, a cutting-edge smart wallet, into Testflight mode for iOS users. Fuse simplifies the user experience by eliminating complexities such as private keys and seed phrases, while offering advanced security features like 2FA capabilities and wallet recovery options that are not available in other Solana-based wallets.
The rise of smart wallets is a trend that is gaining momentum, with Coinbase recently rolling out a similar offering. Coinbase’s decision to launch this wallet was motivated by a desire to streamline the onboarding process for new users by removing obstacles like network fees and recovery phrases.
What are your thoughts on Squads Labs’ successful $10 million Series A funding round and the launch of Fuse? Share your opinions in the comments below.
