Cross-chain infrastructure provider Squid has secured $6 million in a strategic funding round, with Ripple among the key participants. This investment supports Squid’s mission to create user-friendly tools for moving digital assets across diverse blockchain networks. North Island Ventures led the round, with contributions from Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital, alongside angel investors including Axelar co-founder Georgios Vlachos and Enso Finance founder Connor Howe.
Squid’s platform enables seamless asset transfers between blockchains such as Bitcoin, Ethereum, Solana, Cosmos, and the XRP Ledger in a single transaction. Since its launch in early 2023, the protocol has facilitated over $6 billion in volume through more than 4 million transactions, serving over one million users. Its innovative execution layer, Squid Intents, leverages market makers to fulfill cross-chain swaps and settles them via trusted execution environments, eliminating the need for smart contracts on every chain and supporting over 100 networks.
The new capital brings Squid’s total funding to $13.5 million, following previous seed and strategic rounds. The company plans to expand its consumer-facing product suite, aiming to simplify direct access to crypto services. As the official bridge partner for the XRP Ledger and an active validator on the network, Squid’s collaboration with Ripple is a natural progression. Ripple’s involvement aligns with its broader strategy to bolster the XRP Ledger ecosystem, which has seen recent tests involving tokenized Treasury settlements and the launch of yield products for XRP holders through the XRP Alliance.
Squid’s co-founder Fig emphasized the goal of making cross-chain interactions as straightforward as the swaps currently offered. With a team of around 20 members, Squid is preparing to reveal more details about its consumer roadmap in the coming months.