Squid Raises $6 Million in Funding Round With Ripple Participation

Squid, a cross-chain infrastructure company, said May 26 that it raised $6 million in a funding round led by North Island Ventures.

The round included Ripple, Dialectic, Borderless, Synechron Capital, Altos and Arche Capital. Representatives from Axelar, Ledger, Polymer, Enso and Peanut also participated as angel investors.

Since launching in January 2023, Squid has connected more than 100 blockchain networks. It supports asset transfers across major blockchains including Ethereum, Bitcoin, Solana, Cosmos and the XRP Ledger. The company has processed more than 4 million transactions to date, with cumulative volume topping $6 billion. Total users have reached 1 million.

Squid said it will use the new funding to expand products for general users. The company plans to focus on simplifying the movement and management of digital assets spread across multiple blockchain networks. It said that effort is aimed at meeting growth in stablecoins, or digital assets pegged to fiat currencies, and the tokenized securities market.

Co-founder Christina Lude said Squid builds and operates its transaction-processing technology, developer tools and user products in-house. With product-market fit and a revenue base already established, the company plans to continue growing through partnerships and ecosystem expansion.