Squid raises $3.5 million to build next-generation cross-chain swaps

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Jan 31, 2023, 11:09 ET

Squid, built on Axelar, has built the first native-to-native cross-chain solution, replacing bridges with 1-click cross-chain swaps

ZUG, Switzerland , Jan. 31, 2023 /PRNewswire/ -- Squid, a routing protocol that enables users and developers to easily access cross-chain liquidity, has raised a $3.5m seed round led by North Island Ventures.

Squid raises 3.5m from top investors (PRNewsfoto/Squid)

Leading crypto investment firms Distributed Global, Fabric Ventures, Galileo, Chapter One, and Node Capital also participated in the round. Angels included Waikit Lau, Stani Kulechov, Zaki Manian, Dean Eigenmann, 7, Ashleigh Schap and others. Axelar is also participating in the round as a strategic investment. In addition to this seed funding, Squid was one of the first projects to receive funding following the Axelar Developer Grants cohort.

Sergey Gorbunov, co-founder of Axelar, said: "Failure of centralized trading platforms has highlighted the need for secure decentralized alternatives. Squid powers this future by enabling decentralized, secure, and simple to use cross-chain swaps. The Squid team has extensive experience in the space and we're excited to see them build on the Axelar Network."

Squid inherits its speed and security from Axelar's secure cross-chain communication platform alongside General Message Passing, meaning that Squid's contracts enable further cross-chain logic. 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 supports 25 blockchains, including EVM and Cosmos chains. Since its app chain thesis became a reality, Cosmos has experienced immense growth and adoption. Squid offers the easiest path for onboarding to new Cosmos chains from any ecosystem. Squid has received four audits from Ackee Blockchain and Consensys Diligence.

Travis Scher of North Island Ventures said: "We believe the future of crypto is multi-chain and cross-chain, and are extremely excited to back the great team at Squid, which is building critical infrastructure to bring this vision to fruition."

DEXs including QuickSwap, Pangolin, SpookySwap, StellaSwap, and Trisolaris and wallets such as Ledger and BitKeep are the first projects who have announced their integration with Squid to give users access to native tokens on a wide range of other chains.

Recent events highlight the importance of decentralized applications as a secure, transparent alternative to centralized systems. Squid's mission is to help build a future that ensures the integrity of financial transactions and allows users control over their assets.

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Christina Rud | +44 (0)7598 988 212

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SOURCE Squid