Squads Labs Secures $10 Million, Unveils User-Friendly Crypto Wallet Fuse for iOS

Squads Labs, a blockchain company, raised $10M to develop its Fuse wallet for individuals, aiming to simplify crypto transactions with no seed phrases required.

Squads Labs has secured $10 million in Series A funding led by Electric Capital. The round also saw participation from RockawayX, Coinbase Ventures, L1 Digital, and Placeholder.

The news comes alongside the announcement of Fuse, a user-friendly smart wallet for individuals currently undergoing public testing on iOS devices. Squads Labs previously offered a Solana-based wallet geared towards businesses, which has secured over $10 billion in value.

Fuse aims to streamline crypto transactions by eliminating the need for seed phrases, those long strings of words traditionally used for wallet recovery. Instead, Fuse leverages wallet recovery and two-factor authentication (2FA) for enhanced security.

This strategic move signifies Squads Labs’ expanding focus. While their initial target audience was businesses, Fuse demonstrates their intent to cater to individual users as well. The fresh funding will fuel the development of Squads’ smart account technology and products, along with team expansion.

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