ChainCatcher report: Cross-chain infrastructure platform Squid has completed a $6 million strategic funding round led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, and others. Squid was initially incubated within the Axelar ecosystem before evolving into an independent platform. Since its launch in 2023, Squid claims to have processed over $6 billion in cross-chain transaction volume, supporting more than 100 blockchains, with over 4 million total transactions and more than 1 million users. Following this round, Squid’s total funding has reached $13.5 million. The company plans to use the new capital to launch consumer-facing products aimed at further simplifying the process of accessing, managing, and using crypto assets across chains.
Cross-chain platform Squid secures $6M in strategic funding, with Ripple among the investors.
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Summary
On-chain news: The cross-chain platform Squid has raised $6 million in strategic funding, led by North Island Ventures, with participation from Ripple, Dialectic, and Borderless. Since its inception in the Axelar ecosystem, the project has processed over $6 billion in cross-chain volume since 2023. Project funding update: This latest round brings total funding to $13.5 million. Squid plans to develop consumer-focused tools to simplify access to and management of cross-chain assets.
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