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You are at:Home » Squid Raises $3.5M in Seed Funding to Revolutionize Cross-Chain Liquidity Access
Investment & Funding

Squid Raises $3.5M in Seed Funding to Revolutionize Cross-Chain Liquidity Access

"The failure of centralized trading platforms highlights the need for secure decentralized alternatives," states Axelar co-founder, Sergey Gorbunov.
Ravi KumarBy Ravi KumarJanuary 31, 2023Updated:February 1, 2023No Comments3 Mins Read
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Squid Raises $3.5M in Seed Funding to Revolutionize Cross-Chain Liquidity Access
Sergey Gorbunov, Co-founder of Axelar
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Squid, a cutting-edge routing protocol that simplifies cross-chain liquidity access, has secured $3.5 million in a recent seed funding round led by North Island Ventures. This funding round saw participation from leading crypto investment firms, including Distributed Global, Fabric Ventures, Galileo, Chapter One, and Node Capital, as well as several high-profile angel investors. The new funds will be used to continue developing Squid’s mission of building a secure, decentralized, and user-friendly cross-chain swap platform.

Squid was one of the first projects to receive funding following the Axelar Developer Grants cohort and received investment from Axelar as a strategic investment. Squid is a secure and easy-to-use cross-chain swap platform that is designed to ensure the integrity of financial transactions and allow users control over their assets. The protocol is built on Axelar’s secure cross-chain communication platform.

Squid supports 25 blockchains, including EVM and Cosmos chains, and is the easiest path for onboarding to new Cosmos chains from any ecosystem. The protocol has received four audits from Ackee Blockchain and Consensys Diligence. The first projects to integrate with Squid are QuickSwap, Pangolin, SpookySwap, StellaSwap, and Trisolaris, and wallets such as Ledger and BitKeep.

Travis Scher of North Island Ventures said that they believe the future of cryptocurrency is multi-chain and cross-chain, and they are excited to back the team at Squid, which is building critical infrastructure to bring this vision to fruition. Sergey Gorbunov, co-founder of Axelar, said that the failure of centralized trading platforms highlights the need for secure decentralized alternatives and Squid powers this future by enabling decentralized, secure, and simple to use cross-chain swaps.

Squid can be used to buy NFTs on any chain with any asset, deposit into a margin account on a decentralized derivatives exchange, build payments to any chain, or to turn wallets chain-agnostic. Squid is designed to help build a future that ensures the integrity of financial transactions and allows users control over their assets. The funding will be used to continue building the infrastructure needed to bring this vision to fruition.

Squid is a secure and easy-to-use cross-chain swap platform that supports 25 blockchains, including EVM and Cosmos chains. The recent seed funding will be used to continue building the infrastructure needed to bring Squid’s vision of a future that ensures the integrity of financial transactions and allows users control over their assets to fruition.

Overall, Squid’s seed funding round is a testament to the increasing demand for secure and user-friendly cross-chain solutions. With its powerful infrastructure, wide blockchain support, and commitment to decentralization, Squid is poised to play a major role in shaping the future of the crypto industry. The team at Squid is dedicated to making cross-chain liquidity accessible to everyone, and the recent investment will help them achieve this goal.

Read Also: Top Blockchain VCs Launch A New $60M ‘Real’ Web3 Startup Fund

Chapter One Distributed Global Fabric Ventures Node Capital North Island Ventures Seed Funding Squid
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Ravi Kumar
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Ravi is Founder and Chief Content Officer of AlexaBlockchain. He writes about everything at the cross-section of blockchain, crypto, AI, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

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