Squads Labs, the primary developer behind the Solana-based multisig protocol Squads, has successfully secured $10 million in a Series A funding round, accompanied by the launch of its retail-focused iOS wallet app called Fuse on public TestFlight.

Electric Capital spearheaded the funding round, with participation from notable investors such as Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Mert Mumtaz, the co-founder and CEO of Helius, and founder of Odyssey Ventures. The fundraising initiative, which commenced in March, concluded earlier this month, according to Stepan Simkin, CEO of Squads Labs. Simkin revealed that the round was structured as equity with token warrants, akin to Squads' seed round, while refraining from disclosing the valuation.

With this Series A round, Squads' total funding reaches $22.5 million, having previously amassed $12.5 million across three funding rounds.

Squads stands as a Solana-based multisig protocol designed to facilitate the management of on-chain assets, including treasury funds, tokens, and administrative keys, with a robust multi-signature security framework. Since its inception in 2021, Squads has played a pivotal role in securing over $10 billion in assets, marking a significant increase from $500 million recorded in October of the same year.

According to Simkin, the client base has also witnessed substantial growth, surging from over 100 clients in October to more than 250 presently. Notable clients include Jito, Jupiter, Tensor, Drift, Zeta, Backpack, and Kamino.

Empowered by the recent funding injection, Squads aims to further enhance its protocol and extend support to more businesses in managing their on-chain workflows across various stages of their lifecycle.

In conjunction with the funding milestone, Squads has introduced Fuse, its retail-oriented iOS wallet application, available on public TestFlight. Fuse, built atop the Squads protocol, offers multi-signature security tailored for personal assets.

Simkin clarified that Fuse does not intend to directly compete with Solana's leading wallets like Phantom. Instead, Fuse seeks to establish itself as the ultimate savings account for users' digital assets, emphasizing features such as 2FA, wallet recovery, progressive security, time locks, and spending limits. Fuse aims to empower users to customize their self-custody setup comprehensively. The anticipated main app store launch for Fuse is slated for early July.

Currently comprising 17 team members, Squads intends to bolster its workforce by recruiting additional designers and engineers. Simkin also disclosed plans to establish the company's permanent headquarters in Dubai, underscoring Squads' commitment to further growth and innovation within the Solana ecosystem.