Squid raises $6m in funding led by North Island Ventures.

Today we are thrilled to announce that Squid has raised $6m in a strategic funding round led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital, along with angels from Axelar, Ledger, Polymer, Enso, and Peanut.

Squid was conceptualized in 2022 and launched in January 2023. Building Squid has been an irrefutably gratifying journey – one that has inspired us to push beyond the boundaries of technological limitations to create something that is both long lasting and necessary, in an industry overridden by finite trends and token launches that rely more on words than product. Our voice is not the loudest, and that is okay. Because we made a solution that was needed in 2022 just as much as it is needed now… and next month, next year, and so on. We built something to last – something that works and speaks for itself. Squid is more than a moment, and we prove this each and every day.

Since launch, Squid has routed over $6b in volume through 4m+ transactions, for over one million users globally. Squid connects 100+ chains, 20k+ tokens, and 130+ DEXs with low fees and top speeds, so that users can buy, bridge, swap, and send assets seamlessly. With over 1,000 integrations, the Squid Ecosystem spans wallets, gaming, DeFi, chains, and entire ecosystems.

This funding round is the start of our next chapter at Squid – and it’s our most exciting one yet. We’re entering an era of renowned growth and product expansion, for consumers, institutions, and ecosystems. It wouldn’t be possible without the support of investors, users, integrators, and community members. We thank each and every one of you for your valuable contributions to Squid as we have grown as a product and a team.

Squid as a solution

Wherever you go in crypto, Squid already is. This truth is one that strengthens over time. The proliferation of chains, ecosystems, and tokens creates fragmentation, and Squid turns fragmentation into something seamless. As crypto grows, so does Squid.

Squid owns every layer of the stack, with multiple layers all built in-house. Here’s a recap:

Squid's existing bridge app (app.squidrouter.com) already enables any-to-any token movement across fundamentally different ecosystems, including Ethereum, Bitcoin, Solana, Cosmos, and XRPL, in a single transaction. As digital assets increasingly span multiple blockchain ecosystems through stablecoins, tokenized securities, and a growing number of networks, the expanded consumer offering is building on that same infrastructure to address a problem that grows with the industry itself.

Squid Intents, uses market makers to fill cross-chain transactions and settles them through Trusted Execution Environments (TEEs) rather than requiring contract deployments on every chain. This allows the platform to support 100+ networks with the best execution and 99.99% uptime.

"Squid owns every layer of its technology, from the settlement protocol through developer tools to the products people actually use," says Christina Rud, Co-Founder at Squid. "That full-stack approach means we can connect any chain, support any token, and serve any audience, whether that's a developer integrating our SDK, a blockchain foundation connecting its ecosystem, or an individual swapping assets on our app. We have product-market fit, we have revenue, and we have the relationships across this industry to keep compounding both.”

What next?

As crypto gains institutional credibility and regulatory clarity, the need for Squid increases. There needs to be a solution to fragmentation, a trusted layer that intuitively connects assets and ecosystems. That is Squid. We plan to leverage our experience in solving the growing pains of the industry’s interoperability as crypto enters this new era of legitimacy and growth.

Thanks to this recent round of funding, we will be able to expand Squid as a consumer product that enables accessibility and management of digital assets across chains in a simple and safe way. The next wave of users won’t have to worry about the infrastructure that makes an app work, and when the product works smoothly from start to finish, it will be just another day.

More details will be revealed in time about what we’re building and where we’re headed. The most important thing to remember is that what we do – we do for you. The users, supporters, friends, and teams that make it all possible.

Stay tuned for more information, coming soon.

… but until then.

What do you believe in?

Squid believes in connection across crypto, so that’s what we do. And for the past couple of weeks, we’ve been asking you to share your own beliefs on X.

We invite you to learn our beliefs and manifest your own at squidrouter.com/letter.

Looking forward

Thank you to everyone who has joined our journey at Squid so far. We look forward to expanding our ecosystem, product offerings, and chain support. Whether you’ve used Squid since the start or have just been introduced, our goal is to make your experience a pleasant one. And so that’s what we’ll do. Cheers, and stay tuned for more news.

Read our full press release here and learn even more in The Block article, “Ripple, North Island Ventures back $6 million round for cross-chain platform Squid.”

About Squid

Squid is a cross-chain platform connecting networks, liquidity sources, and applications to power the seamless movement of digital assets across crypto. Squid’s frontend app can be used to buy, swap, bridge, and send 20k+ tokens across 100+ chains, tapping into 130+ liquidity sources in a single transaction. Developers can integrate Squid via SDK, API, and Widget to enable cross-chain functionality within their own products, and Squid is trusted by 1,000+ integrators today.

Please Note

This blog is provided for educational and informational purposes only. This is not investment advice or a recommendation or solicitation for on-chain participation in any mentioned chains, tokens, or assets. Please do your own research before swapping any on-chain assets.