Squads Labs, a technology firm that promises to help businesses transact and manage digital assets, has raised $10 million in Series A funding led by Electric Capital. Squads Labs confirmed in an email on Monday that RockawayX, Coinbase Ventures, L1 Digital, and Placeholder participated in the fundraising round.Squads has also announced a smart wallet geared at individuals for public testing on iOS. The startup already offers a Solana-based business wallet. This has resulted in over $10 billion in worth.
The new wallet, Fuse, is intended to eliminate the need to learn seed phrases, which are streams of 12 to 24 random syllables used to restore access to a user’s assets, in favor of wallet recovery and two-factor authentication. Individual users are frequently the focus of efforts to attract additional players to the cryptocurrency business. While Squads’ focus has historically been on recruiting enterprises to the digital asset world, with the launch of Fuse, it appears to be broadening its appeal to both sides of the market. Squads intends to use the new funds to enhance its smart account technology and products, as well as expand its personnel.