Overview
- Squid announced Friday that it closed a $6 million strategic financing led by North Island Ventures with participation from Ripple and other crypto investors, bringing its total funding to $13.5 million.
- The company says it will use the capital to speed development of consumer products that simplify moving tokens across blockchains and to strengthen integrations with chains and apps.
- Squid’s platform routes any-to-any token transfers using its Squid Intents execution layer, which fills trades via market makers and settles them through Trusted Execution Environments so contracts need not be deployed on every chain.
- Since launching in January 2023 Squid reports more than $6 billion routed across 4 million-plus transactions for over 1 million users and support for 100+ networks and 20,000+ tokens, but those metrics and uptime claims are company-reported and not independently verified.
- Ripple’s investment follows Squid’s role as an official bridge partner and XRPL validator, and the deal could speed consumer access to chains without smart contracts such as Bitcoin and the XRP Ledger while prompting closer infrastructure ties in the industry.