Ripple has reportedly joined a $6 million funding round for Squid, the cross-chain routing protocol built on Axelar infrastructure, according to an announcement from the project and subsequent media reporting.
What the report says about Ripple joining Squid’s $6M round
Squid said on May 22 that it raised $6 million in a strategic funding round led by North Island Ventures, with Ripple listed among the participating investors. The announcement did not disclose individual contribution amounts or a post-money valuation.
The raise brings Squid’s total funding to $13.5 million, following a $3.5 million seed round in 2023 and a $4 million strategic round in 2024. The project was conceptualized in 2022 and launched in January 2023.
Squid said it has routed over $6 billion in volume through more than 4 million transactions for over one million users globally since launch. The protocol connects over 100 chains, 20,000 tokens, and 130 decentralized exchanges, with more than 1,000 integrations in its ecosystem.
Why Ripple’s participation could matter for Squid
Ripple’s name on the investor list carries weight beyond the dollar amount. As the company behind XRP and the XRP Ledger, Ripple’s involvement signals interest in cross-chain infrastructure that could eventually bridge its own ecosystem with the broader DeFi landscape.
The funding comes as the broader crypto market shows mixed signals. XRP traded around $1.36 at the time of the announcement, up roughly 2.65% over 24 hours, while the Fear & Greed Index sat at 25, reflecting extreme fear across the market.
For Squid, adding a strategic backer like Ripple could accelerate integration efforts. Cross-chain routing protocols depend on deep liquidity and broad chain coverage, and a relationship with Ripple could open access to the XRPL’s user base. Recent growth in XRP address creation underscores the network’s expanding footprint.
North Island Ventures leading the round also matters. The firm has been an active investor in crypto infrastructure, and its willingness to lead suggests confidence in Squid’s cross-chain routing model at a time when many venture investors remain cautious.
What crypto readers should watch next
The key follow-up is whether the funding translates into concrete product announcements. Squid has not yet detailed how the new capital will be deployed, though expanding its consumer product offering was cited as a goal.
Any formal integration between Squid and the XRP Ledger would be a notable development for both ecosystems. As institutional players continue exploring cross-chain solutions, particularly amid broader conversations around stablecoin infrastructure on multiple chains, Squid’s ability to connect fragmented liquidity could become more relevant.
Investors and users should also watch for additional details from Ripple. The company has not issued a separate statement about its participation, and market conditions remain volatile, with the extreme fear reading suggesting broader caution among traders despite isolated positive developments like this funding round.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.