Multi-Signature Protocol Developer Squads Completes $18 Million Strategic Financing Round, Led by Solana Ventures

BlockBeats News, April 29th, Solana-based multi-signature protocol developer Squads announced the completion of a $18 million strategic financing round, led by Solana Ventures with participation from Coinbase Ventures, Haun Ventures, L1D, and others. Squads has now raised a total of $42.9 million.

Squads stated that the new funds will be used to expand its stablecoin financial platform, Altitude. The platform officially launched in December last year, focusing on providing 24/7 global payment and fund management services based on stablecoins to enterprises.

Altitude adopts a self-custody wallet model, where enterprise funds are held directly in the form of stablecoins rather than being held in traditional fractional reserve bank accounts. The platform also integrates compliance systems such as sanctions screening, AML, transaction monitoring, and KYB (Know Your Business), and can connect to payment service providers like MoonPay.

Squads disclosed that since its launch at the end of last year, Altitude has processed over $200 million in payment volume, serving clients including exporters, cross-border remote teams, crypto-native companies, and global agencies.