Squid Raises $6M to Build Consumer Crypto Product

Squid, a cross-chain infrastructure platform, raised $6 million in a strategic round led by North Island Ventures, with participation from Ripple, Dialectic and Borderless. The round closed recently and included angel investors Georgios Vlachos, Connor Howe and Dan Lynch. Squid’s pseudonymous co-founder Fig declined to disclose the round’s structure, the company’s valuation or whether any investors received board or advisory seats. The new funding brings Squid’s total capital raised to $13.5 million, following a $3.5 million seed round in 2023 and a $4 million strategic round in 2024.

Since launching in 2023, Squid reports it has processed more than $6 billion in transaction volume across over 100 blockchain networks and handled more than 4 million transactions. The platform says it has served over 1 million users through its own app and integrations with wallets, decentralized finance applications, payments systems and agentic commerce setups.

Squid currently generates revenue from enterprise services and ecosystem partnerships. The company plans to introduce transaction fees in the future, with timing tied to product milestones. Today Squid operates a web-based bridge-and-swap application and is building a broader consumer product on top of its routing and settlement infrastructure to simplify access to crypto assets and services.

The application enables single-transaction moves of assets across networks including Bitcoin, Ethereum, Solana, Cosmos and the XRP Ledger. Squid is the official bridge partner for the XRP Ledger, operates a validator on that network and participates in governance. On commerce, the company launched an adapter for Tempo’s Machine Payments Protocol and developed a model context protocol integration that allows AI agents to execute cross-chain swaps.

Security work includes nine independent audits, no recorded exploits and 99.99% uptime. The company said it is open to talks with projects reassessing their cross-chain connectivity following security incidents elsewhere in the market.

Squid’s team is about 20 people and the company is not currently hiring. Fig said, “The vision is to make directly accessing whatever you need in crypto as simple as the cross-chain swaps Squid already handles today.” The company expects to share more details about its consumer roadmap in the coming months.