Squads Labs, the mastermind behind the Solana-based multisig protocol Squads, has successfully raised $10 million in a Series A funding round and launched its groundbreaking retail wallet app, Fuse, on public TestFlight. This impressive feat was made possible through the leadership of Electric Capital, with notable participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, a renowned entrepreneur and investor.

Squads Labs' CEO, Stepan Simkin, revealed that the funding round was initiated in March and concluded earlier this month, with a total of $22.5 million raised to date. The latest investment injection will propel Squads' mission to enhance its protocol and empower more businesses to manage their on-chain assets with unparalleled security and efficiency.

Since its inception in 2021, Squads has demonstrated remarkable growth, securing over $10 billion in assets, a staggering increase from $500 million in October. The protocol has also expanded its client base to over 250 prominent businesses, including Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.

The newly launched Fuse wallet app is a testament to Squads' commitment to innovation and user-centric design. Built on top of the Squads protocol, Fuse offers a Solana wallet with multi-signature security, catering to the needs of individual users seeking a robust and feature-rich digital asset management solution. Simkin emphasized that Fuse is not intended to compete with existing wallets like Phantom but rather focuses on providing a unique, savings account-like experience for users to store and compound their assets securely.

Squads' vision for Fuse is to become the ultimate destination for users seeking a comprehensive self-custody setup, complete with advanced features such as two-factor authentication, wallet recovery, progressive security, time locks, and spending limits. With plans to launch Fuse on the main app store in early July, Squads is poised to revolutionize the digital asset management landscape.

As Squads continues to push boundaries, the team is expanding its horizons, with plans to hire talented designers and engineers and establish a permanent headquarters in Dubai. With a current team size of 17, Squads is well-positioned to drive innovation and make a lasting impact in the world of digital assets.