Squid, a Zug, Switzerland-based provider of a secure cross-chain router, raised $4M in funding.
The round was led by Polychain Capital with participation from Nomad Capital, North Island Ventures, Maelstrom, Chorus One, The Department of XYZ, Breed, Binary Builders, and Typhon Ventures, along with follow-on investments from Distributed Global, Fabric Ventures, Node Capital, and Chapter One.
The company intends to use the funds to accelerate development to enable more complex bundling of transaction sequences and more efficient routing of assets. This raise enables the team to continue its expansion in supporting chains in the EVM and Cosmos ecosystems and beyond. Additionally, the team will build deeper integrations with more decentralized applications (dApps), allowing users to interact with those applications in a wide variety of ways, including depositing into DeFipositions, purchasing NFT collectibles and in-game items, and more.
Led by Christina Rud and Fig, Squid is a secure cross-chain router on Axelar Network that enables interoperability between blockchains and applications. Squid is integrated via their API, SDK, and front-end tools that facilitate fast and reliable single-click transactions and token transfers. Developers can use it to onboard users from any ecosystem and create scalable, seamless user experiences for anyone with a crypto wallet.
Squid has grown in its first year, facilitating over 500,000 cross-chain token swaps, LP deposits, and NFT purchases, representing over $950M in volume for over 200,000 users.
FinSMEs
01/02/2024