Squads Labs secured $10M in funding led by Electric Capital, with support from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder, to launch their iOS smart wallet for public testing
The new wallet, Fuse, is intended to eliminate the necessity of memorizing seed phrases by utilizing wallet recovery and 2FA capabilities.
Squads has already secured over $10 billion in value for enterprises through its Solana-based wallet.
Squads Labs, a technology company that specializes in assisting businesses with the management and transaction of digital assets, has secured $10 million in Series A funding, which was headed by Electric Capital.
In an email on Monday, Squads Labs disclosed that RockawayX, Coinbase Ventures, L1 Digital, and Placeholder participated in the funding round.
Squads have also introduced an intelligent wallet that is intended for public testing on iOS and is targeted at individuals. A wallet for enterprises based on Solana is already available from the company. This has resulted in a value of more than $10 billion.
The new wallet, Fuse, is intended to replace the necessity of memorizing seed phrases, which are sequences of 12 to 24 random words used to regain access to a user’s assets. Instead, it will rely on wallet recovery and two-factor authentication capabilities.
Individual users are frequently the focus of efforts to attract additional participants to the crypto industry. Squads’ focus has historically been attracting businesses to the digital asset world. However, with the introduction of Fuse, it appears that the company is now expanding its reach to encompass both sides of the market.
Squads intends to allocate its new funding toward developing its innovative account technology and products and expanding its workforce.
