Squads Labs, the team behind the Squads Solana-based smart accounts protocol, the Squads app, and the smart account-enabled wallet Fuse, announced it raised $10 million in its Series A funding round. Led by Electric Capital, the funds will be used to improve the functionality of already existing products and take Fuse to the market.
Squads Labs Raises $10 Million in Series A Round, Launches Fuse Smart Wallet
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Squads Labs Raises $10 Million, Launches Fuse in Testflight
Smart account protocols are gaining more and more relevance as Web3 gets mainstream. Squads Labs, the company behind several smart accounts solutions, announced it raised $10 million in its series A funding round. Led by Electric Capital, and with the participation of Rockawayx, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, the raise will allow the company to further support the development of smart account tech and products.
Squads Labs is responsible for developing the Squads protocol, which features several smart contracts directed to simplify the management of accounts and ease the development of more intuitive apps and wallets. Also, Squads Labs built the Squads app, which leverages the Squads protocol, to offer a tool for institutions to run their on-chain operations with customizable security settings, including treasury management and other functions.
Over $10 billion in custody rely on these solutions, and the Squads app is actively used by 250 teams, according to a press release. For Squads Labs, the growing adoption of Web3 has to be complemented by the development of tools “intuitive for enterprises and individuals to transact, manage, and own digital assets.”
For this reason, the company has released Fuse, its in-house developed smart wallet in Testflight test mode for iOS users. Fuse allows users to abstract from complexities like private keys, and seed phrases, offering 2FA capabilities and wallet recovery options unavailable in other Solana-based wallets.
Smart wallets are becoming more common, with Coinbase launching a similar wallet offering recently. Coinbase cited the need to ease crypto onboarding as the motivation for this launch, abstracting new users from typical barriers like network fees and recovery phrases.
What do you think about Squads Labs’ $10 million series A funding round and Fuse’s launch? Tell us in the comments section below.
