The multisig protocol based on Solana Squads introduces a retail wallet app and raises $10 million, Fuses

  • In a $10 million Series A investment round headed by Electric Capital, Squads Labs has raised funds.
  • Additionally, the Solana-based inventor of the multisig protocol has put its retail-focused iOS wallet app, Fuse, on public TestFlight.

The company behind Squads Labs, the primary developer of the multisig protocol Squads, which is built on Solana, has secured $10 million in a Series A fundraising round and released Fuse, an iOS wallet software targeted at retailers, on public TestFlight.

Squads has previously raised $12.5 million in three investment rounds, bringing its total capital to $22.5 million after the Series A round.

What is the procedure of the Squad?

Businesses may manage on-chain assets like treasury, tokens, and admin keys with multi-signature security by utilizing Squads, a Solana-based multisig system. Squads claims that since its 2021 launch, it has assisted in securing over $10 billion in assets—a significant increase from $500 million as of this past October.

Squads’ financial app, Fuse

Additionally, Squads recently made its retail-focused iOS wallet software, Fuse, available on the public TestFlight. Built on top of the Squads protocol, Fuse is a Solana wallet that offers multi-signature protection for private assets.

Simkin responded, “Not really,” when asked if Fuse intended to take on Phantom, one of Solana’s top wallets.

Fuse seeks to be the ultimate savings account for your digital net worth, doing away with the necessity of depending only on cold wallets or CEXs (centralized exchanges), according to Simkin. Phantom and other wallets concentrate on onboarding and connectivity. 

Thus, internal features that enable users to completely customize their self-custody setup—such as 2FA [two-factor authentication], wallet recovery, progressive security, time locks, and spending limits—are the main focus. I would distinguish between Fuse and other providers for ecosystem interactions, with the former being used for asset compounding and storage.

Early in July, Squads hopes to release Fuse on the main app store, according to Simkin.

With 17 employees now, Simkin intends to grow the team by adding engineers and designers. According to him, Squads is now establishing its permanent headquarters in Dubai.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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