Squads Labs Raises $10M Series A, Unveils Smart Wallet for Public Testing on iOS

As a researcher with experience in the crypto industry, I’m excited about Squads Labs’ latest announcement. The company’s new wallet, Fuse, is a game-changer for individual users looking to enter the digital asset space. Eliminating the need for seed phrases and introducing wallet recovery and 2FA capabilities makes the wallet more accessible and user-friendly.

As a business analyst at Squads Labs, I’m thrilled to announce that we’ve successfully secured $10 million in Series A funding, with Electric Capital spearheading the investment round. Our mission is to empower businesses in their journey towards transacting and managing digital assets more effectively. This significant financial boost will enable us to expand our team, enhance our product offerings, and strengthen our market presence.

In an email on Monday, Squads Labs announced that the recent funding round featured investment from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder.

“Squads has introduced a new, intelligent wallet designed for individual users on iOS platforms, available for public testing. The business version of their wallet, which is built on the Solana platform, has already amassed more than $10 billion in value.”

The innovative wallet named Fuse eliminates the requirement for users to memorize complex seed phrases, which consist of 12 to 24 randomly generated words for recovering access to their assets. Instead, it offers wallet recovery and two-factor authentication (2FA) as alternatives.

As a researcher exploring the crypto industry, I’ve noticed that efforts to expand its user base have primarily targeted individual participants up until now. However, Squad, a notable player in this field, seems to be shifting its focus with the introduction of Fuse. Instead of solely pursuing business partnerships, it appears that they are now aiming to engage both businesses and individual users in the digital asset world.

The squad intends to utilize newly acquired funds to progress in the development of its intelligent accounting tech and offerings, as well as grow its workforce.