Squads Labs Secures $10M in Series A Funding to Expand Digital Asset Management

Tech company Squads Labs has secured $10 million in Series A investment. The company’s mission is to help organizations manage and interact with digital assets. Squads Labs said in an email on Monday that Electric Capital led this major fundraising round, with participation from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder.

Squads Labs is branching out with the launch of a new smart wallet named Fuse, now available for public testing on iOS. While the company already offers a Solana-based wallet for businesses, managing over $10 billion in value, Fuse is designed specifically for individual users. It aims to simplify the digital asset experience by eliminating the need for seed phrases—those cumbersome streams of 12 to 24 random words used for wallet recovery. Instead, Fuse incorporates advanced wallet recovery and two-factor authentication (2FA) capabilities.

Bridging the Gap Between Businesses and Individuals

Historically, Squads Labs has focused on attracting businesses to the digital asset space. However, with the introduction of Fuse, the company is expanding its reach to individual users as well. This strategic move underscores Squads Labs’ commitment to drawing more participants into the crypto industry, catering to both ends of the market spectrum.

The newly acquired funds will be pivotal in advancing Squads Labs’ smart account technology and product offerings. Additionally, the investment will support the expansion of the company’s team, enabling further innovation and development in the digital asset management space.

Squads Labs’ successful funding round and the launch of Fuse mark a significant step forward in its mission to streamline digital asset management for both businesses and individual users. By addressing the complexities of seed phrases and enhancing security features, Squads Labs is making digital assets more accessible and user-friendly. This dual focus on businesses and individuals positions Squads Labs as a versatile player in the evolving landscape of digital finance.