Squads Labs, the primary developer behind the Solana-based multisignature protocol Squads, has successfully secured $10 million in a Series A funding round and has launched its retail-focused iOS wallet app named Fuse on public TestFlight.

The funding round was led by Electric Capital, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, co-founder and CEO of Helius and founder of Odyssey Ventures. The fundraising process began in March and concluded earlier this month. Stepan Simkin, CEO of Squads Labs, confirmed that the round was structured as equity with token warrants similar to Squads' seed round, but declined to comment on the valuation.

This Series A funding round brings Squads' total funding to $22.5 million, having previously raised $12.5 million across three funding rounds.

What is Squads Protocol?

Squads is a Solana-based multisignature protocol designed to assist businesses in managing on-chain assets such as treasury funds, tokens, and administrative keys with multisignature security. Since its launch in 2021, Squads has helped secure over $10 billion in assets, a significant increase from $500 million just last October.

Simkin noted that the number of clients has also surged from over 100 in October to more than 250 presently, with prominent clients including Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.

With the fresh funding secured, Squads aims to further enhance its protocol and assist more businesses in managing their on-chain workflows across all stages of their lifecycle.

Squads' Fuse Wallet App

In addition to the funding announcement, Squads has unveiled its retail-oriented iOS wallet app, Fuse, on public TestFlight. Fuse is a Solana wallet built on top of the Squads protocol, offering multisignature security for personal assets.

When asked about Fuse's competition with leading Solana wallets like Phantom, Simkin stated, "Not really." He emphasized that while Phantom and other wallets focus on onboarding and connectivity, Fuse aims to serve as the ultimate savings account for users' digital net worth, eliminating the need for solely relying on cold wallets or centralized exchanges.

Fuse prioritizes internal features such as two-factor authentication, wallet recovery, progressive security, time locks, and spending limits, enabling users to fully customize their self-custody setup. Simkin highlighted that Fuse is tailored for storing and compounding assets, while other providers primarily focus on ecosystem interactions.

Squads plans to launch Fuse on the main app store in early July. Currently, Squads employs 17 individuals, and Simkin intends to expand the team by hiring designers and engineers. The company is also in the process of establishing its permanent headquarters in Dubai.