Squid announced it has raised $6 million in funding to accelerate the expansion of its consumer product offerings built on cross-chain infrastructure. The financing round was led by North Island Ventures and included participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital, as well as angel investors from Axelar, Ledger, Polymer, Enso, and Peanut.
Since launching in January 2023, Squid said it has routed more than $6 billion in transaction volume across over 100 blockchain networks through more than 4 million transactions. The company said it has served more than 1 million users and generates revenue from enterprise services and upcoming transaction fees.
Squid’s platform enables token movement across blockchain ecosystems, including Ethereum, Bitcoin, Solana, Cosmos, and XRPL, within a single transaction. The company said its expanded consumer product strategy is intended to simplify accessing and managing digital assets across multiple blockchains without requiring users to interact directly with the underlying infrastructure.
The company noted that it owns its full technology stack, including its execution engine and developer tools, enabling it to build products directly rather than relying on third-party infrastructure providers. Squid said its execution layer, Squid Intents, uses market makers to fill cross-chain transactions and settles them through Trusted Execution Environments rather than requiring contract deployments on every blockchain network.
Squid said the latest funding will also support deeper partnerships with blockchain ecosystems and applications already using its infrastructure while extending network coverage into institutional ecosystems. The company expects to provide additional details about its consumer roadmap in the coming months.
KEY QUOTES:
“Squid has demonstrated that cross-chain infrastructure can generate real revenue from real usage, and that the team can ship consistently across market cycles. We led the seed round because the founding team and the technical approach were compelling. We’re leading again because Squid has executed on that thesis.”
Travis Scher, Co-Founder & Managing Partner, North Island Ventures
“We built Peanut on Squid from day one. The routing handles the complexity of cross-chain payments so our users never have to think about it, and the team has been responsive and reliable at every step. When the opportunity came to invest, the decision was easy; I’ve seen what Squid delivers from the inside.”
Konrad Urban, Co-Founder, Peanut
“Squid owns every layer of its technology, from the settlement protocol through developer tools to the products people actually use. 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.”
Christina Rud, Co-Founder, Squid
