Cross-chain infrastructure platform Squid has closed a $6 million strategic funding round to build new consumer-facing products designed to simplify how users move assets across blockchains. North Island Ventures led the round, with participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital. Angel investors include Axelar co-founder Georgios Vlachos, Enso Finance founder Connor Howe, and Constructive founder Dan Lynch.
Squid's pseudonymous co-founder Fig declined to disclose the valuation or round structure.
What Squid Does and Why Ripple Invested
"The vision is to make directly accessing whatever you need in crypto as simple as the cross-chain swaps Squid already handles today," Fig told The Block.
Squid's application enables users to move assets between fundamentally different blockchain ecosystems — including Bitcoin, Ethereum, Solana, Cosmos, and the XRP Ledger — in a single transaction. Squid serves as the official bridge partner for the XRP Ledger and operates a validator on that network, making Ripple's investment a natural extension of an existing relationship.
Metrics and Technical Architecture
Since its launch in January 2023, Squid has processed over $6 billion in volume across more than 4 million transactions from over 1 million users. Its execution layer, Squid Intents, uses market makers to fill cross-chain transactions and settles them through trusted execution environments rather than requiring smart contract deployments on every chain. That architecture allows the platform to support more than 100 networks.
The round 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 team currently has around 20 people and is not actively hiring.
XRPL Ecosystem Context
Ripple's participation aligns with a broader pattern of infrastructure investments around the XRP Ledger. As reported by crypto.news, JPMorgan, Mastercard, and Ripple recently tested tokenized Treasury settlement on XRPL. Separately, the XRP Alliance launched earlier this month to build yield products for XRP holders.
Squid expects to share more about its consumer roadmap in the coming months.