Squads, the leading multisig protocol on the Solana ecosystem, has announced the successful closure of an $18 million strategic funding round. The round was led by Solana Ventures and attracted participation from prominent investors including Coinbase Ventures, Haun Ventures, and L1D. This latest equity raise brings Squads' total funding to $42.9 million, solidifying its position as a key infrastructure player in the crypto space.
Funds to Bolster Altitude Platform
Squads plans to deploy the new capital to enhance its Altitude platform, an enterprise-grade stablecoin finance solution. Altitude is designed to help institutions and corporations manage stablecoin-based treasury operations, cross-border payments, and financial workflows. With this fresh funding, Squads aims to broaden Altitude's capabilities and accelerate its adoption across the global financial sector.
Beyond Multisig: Towards an Enterprise Finance Hub
Originally known for its multisig wallet infrastructure on Solana, Squads has evolved into a full-suite financial platform. The company's core product enables teams and DAOs to secure digital assets with customizable approval thresholds. The Altitude platform extends this functionality into stablecoin-centric enterprise use cases, offering compliance-ready features, low-cost settlement, and fast transaction finality.
Solana Ecosystem Gains Institutional Confidence
The involvement of Solana Ventures (the ecosystem's dedicated venture arm) alongside Coinbase Ventures signals strong institutional confidence in Solana-based infrastructure. Squads' co-founders stated that the funds will be used to expand the engineering team, strengthen compliance frameworks, and drive go-to-market initiatives targeting multinational corporations and financial institutions. Additionally, Squads plans to forge deeper ties with stablecoin issuers such as Circle and Paxos to offer a wider range of stablecoin options on Altitude.
With total funding approaching $50 million, Squads now ranks among the most well-capitalized infrastructure projects on Solana. For comparison, Ethereum's counterpart Safe (formerly Gnosis Safe) has raised approximately $45 million. As traditional capital continues to flow into on-chain finance, Squads' ability to capture the stablecoin enterprise wave via Altitude will be a key narrative to watch in the coming months.