Ripple has joined a $6M funding round for cross-chain infrastructure platform Squid.
Summary
- North Island Ventures led the $6M strategic round, with Ripple, Dialectic, and Borderless also participating.
- Squid has moved more than 6 billion dollars with a volume of more than 4 million since its launch in January 2023.
- The new funding brings Squid’s total to $13.5 million and will fund the expansion of the consumer-facing product.
Cross-chain platform squid has raised $6 million in strategic funding to build new consumer-facing products that simplify how users move goods across blockchains. North Island Ventures led the round, with Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital also participating.
Angel investors including Axelar founder Georgios Vlachos, Enso Finance founder Connor Howe, and Creative founder Dan Lynch also joined. The unidentified inventor of the squid Fig declined to disclose the price or the circular structure.
What squid does and why Ripple is investing
“The idea is to make direct access to anything you need in crypto as easy as the cross-chain swaps Squid already handles today,” Fig told Block.
The squid app allows users to transfer assets to a wide variety of blockchains, including Bitcoin, Ethereum, Solana, Cosmos, and XRP Ledger, with a single transaction. Squid acts as the official bridge partner of the XRP Ledger and implements a validator in the network, making Ripple’s investment a natural extension of the existing relationship.
Since its launch in January 2023, squid has processed more than 6 billion dollars in volume through more than 4 million transactions for more than 1 million users. Its execution layer, Squid Intents, uses market makers to fulfill cross-chain transactions and resolve transactions through trusted transactions instead of requiring smart contract deployment across chains. That innovation allows the platform to support more than 100 networks.
This 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 group currently has about 20 people and is not hiring.
Ripple’s participation fits into a broader pattern of investment in infrastructure surrounding the XRP Ledger. As crypto.news reported, JPMorgan, Mastercard, and Ripple recently explored a Treasury settlement tokenized in XRPL. Separately, the XRP Alliance was launched earlier this month to create productive products for XRP holders.
Squid expects to share more about its consumer roadmap in the coming months.
