Ripple participated in Squid’s $6 million funding round as the cross-chain platform looks to expand its consumer product offering and simplify the movement of assets across blockchain ecosystems.
The round was led by North Island Ventures and included participation from Dialectic, Borderless, Scenius Capital, Altos, Arche Capital and angels from Axelar, Ledger, Polymer, Enso and Peanut. Squid said the capital will support new consumer products designed to make accessing and managing digital assets via blockchains easier for ordinary users.
Since launching in January 2023, Squid has processed more than $6 billion in volume across more than 4 million transactions, serving over 1 million users. The company generates revenue through business services and plans to add transaction fees.
Squid’s platform allows users to move tokens across ecosystems including Ethereum, Bitcoin, Solana, Cosmos and XRPL in a single transaction. According to the website, the protocol supports more than 100 blockchains and supports cross-chain features in more than 1,000 apps, including MetaMask, Ripple and Ledger.
The funding comes as XRPL’s multichain push continues to expand. Axelar said last year that the XRPL EVM Sidechain had gone live with cross-chain connectivity to more than 80 blockchains, with Squid integrated as the cross-chain transfer interface for XRPL and the EVM sidechain.
Squid’s infrastructure is built around the Squid Intents execution layer, which uses market makers to execute cross-chain trades and settle them through Trusted Execution Environments rather than requiring contract implementations on each chain. Squid says this design allows the platform to support more than 100 networks, including ecosystems without smart contracts such as Bitcoin and XRPL.
North Island Ventures said Squid has demonstrated that cross-chain infrastructure can generate revenue from real-world use, while Squid co-founder Christina Rud said the company’s full-stack approach makes it possible to serve developers, blockchain foundations and individual users from the same infrastructure layer.