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Squads Labs Raises $10 Million in Series A, Launches Solana's First Smart Wallet

Solana-Based Squads Labs Raises $10 Million, Launches Fuse: The First Smart Wallet with Progressive Security, Spending Limits, and Time Locks.

June 10, 2024 by Sheldon

Squads Labs, the leading developer behind the Solana-based multisig protocol Squads, has successfully secured $10 million in a Series A funding round. This latest investment, led by Electric Capital, with participation from Coinbase Ventures and Placeholder VC. The company aims to leverage this capital to further its mission of expanding the on-chain economy through the development of innovative smart account technology and user-friendly products.

As part of this strategic move, Squads Labs has also unveiled Fuse, the first-ever smart wallet app for Solana, currently available on public TestFlight for iOS users. This cutting-edge wallet is designed to revolutionize the user experience by simplifying the complexities associated with traditional wallets, providing a seamless and intuitive interface for managing digital assets. Fuse accomplishes this through a suite of advanced features, including secure two-factor authentication (2FA) for logins and transactions, a robust wallet recovery process for regaining access in case of lost devices, progressive security measures that enhance protection based on transaction value, time lock functionalities that delay outgoing transfers for an added layer of security, and customizable spending limits that empower users to manage their finances responsibly.

"There's a lot of discussion about smart wallets, and they can mean different things. However, the commonality is that in a smart wallet, the key pair is not the wallet itself; the wallet is a programmable account on the blockchain," explained Eric Simkin, CEO of Squads Labs. "The ability to set different conditions for who and how to access the assets in the wallet by adjusting the program's parameters is what makes the wallet smart. This is in contrast to traditional wallets, which only require one condition to access the assets - control of the private key."

Squads, the core protocol developed by Squads Labs, has garnered significant traction since its launch in 2021. Notably, it has facilitated the secure management of over $10 billion in assets, demonstrating its robust capabilities and widespread adoption. With a growing clientele exceeding 250 prominent businesses, including Jito, Jupiter, Tensor, and Drift, Squads continues to solidify its position as a trusted solution for managing on-chain assets.

Squads Labs plans to further enhance its protocol and support businesses in their on-chain workflows throughout their entire lifecycle. The company also aims to officially launch Fuse on the main app store by early July and expand its team by recruiting talented designers and engineers.

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