Squads Labs raises $10M Series A and launches Fuse Solana’s first Smart Wallet
Squads Labs has raised $10 million in a Series A funding round led by Electrical Capital and launched the public TestFlight of Fuse, Solana’s first smart wallet.
We at Squads Labs are thrilled to announce today the successful conclusion of our $10 million Series A funding round, which was led by Electric Capital and included participation from Mert Mumtaz, RockawayX, Placeholder, L1D, and Coinbase Ventures. This accomplishment will further our goal of enabling businesses, teams, and individuals to easily transact, manage, and own digital assets through the development of smart account technology and products, Squads Labs said Monday in a blog post.
The company started raising money in March and ended it earlier this month, according to Squads Labs CEO Stepan Simkin. Squads had previously raised $12.5 million in three funding rounds, bringing its total funding to $22.5 million after the Series A round.
In 2021, squad labs commenced operations. Squad protocol was nevertheless developed as more conventional (centralized) organizations began looking into using blockchains for their operations after realizing that they could make transactions faster and less expensive.
Squads Protocol, the smart account standard for Solana and SVM that secures over $10 billion in value, was developed to support this transition. Building upon the Squads Protocol, the company created the Squads App, an enterprise platform trusted by over 250 teams that lets companies operate onchain. The goal is to provide on-chain asset management with a traditional SaaS-like product experience that is easy to use and familiar to companies that are not new to cryptocurrency.
As more security-conscious people looking for a hot wallet option were opening smart accounts to store their personal belongings as use of the Squads app increased, Fuse was introduced. It is a smart wallet to guarantee a seamless and easy experience for users utilizing smart accounts. It eliminates seed phrases and offers wallet recovery and two-factor authentication.
Meet Fuse, Solana's first smart wallet.
— Fuse (@fusewallet) June 10, 2024
Public TestFlight is now available for iOS.
Get started below ↓ pic.twitter.com/9BBZvoIDjn
Squads Labs CEO Stepan Simkin, expressing his excitement in a tweet on X, announced the public test flight of Fuse, Solana’s first smart wallet. He said, “Fuse has been a long time in the making, and I am happy to share some background on why it is worthwhile exploring and how it came to be.”
Simkin explained more about the retail-oriented iOS wallet app and stated that his company wanted to build a mobile smart account experience that made life easier for Squad's individual users, which is where the idea for Fuse originated.
Fuse is a smart wallet because it stores assets in a smart account that runs on the Squads Protocol instead of a conventional key pair. Although key pairs are still widely used in Fuse, their purpose is now signing rather than asset storage. Account abstraction ensures that access to the assets in the Fuse 2/3 smart account cannot be obtained with a single private key.
The decision to store digital wealth onchain is simplified by Fuse, which unlocks enterprise-level security for personal custody. Fuse is not intended to change the way we use Solana apps; rather, it is meant to address the issue of safeguarding users' long-term investments.
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