Ripple joined a $6M funding round for cross-chain infrastructure platform Squid.
Summary
- North Island Ventures led the $6M strategic round, with Ripple, Dialectic, and Borderless also participating.
- Squid has routed over $6 billion in volume through more than 4 million transactions since its January 2023 launch.
- The new funding brings Squid’s total raised to $13.5 million and will fund consumer-facing product expansion.
Cross-chain platform Squid raised $6 million in strategic funding to build new consumer-facing products that simplify how users move assets across blockchains. North Island Ventures led the round, with Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital also participating.
Angel investors including Axelar co-founder Georgios Vlachos, Enso Finance founder Connor Howe, and Constructive founder Dan Lynch joined as well. Squid’s pseudonymous co-founder Fig declined to disclose the valuation or round structure.
What Squid does and why Ripple invested
“The vision is to make directly accessing whatever you need in crypto as simple as the cross-chain swaps Squid already handles today,” Fig told The Block.
Squid’s application allows users to move assets across fundamentally different blockchain ecosystems, including Bitcoin, Ethereum, Solana, Cosmos, and the XRP Ledger, in a single transaction. Squid serves as the official bridge partner for the XRP Ledger and operates a validator on the network, making Ripple’s investment a natural extension of an existing relationship.
Since launching in January 2023, Squid has processed over $6 billion in volume through more than 4 million transactions across over one million users. Its execution layer, Squid Intents, uses market makers to fill cross-chain transactions and settles them through trusted execution environments rather than requiring smart contract deployments on every chain. That architecture lets the platform support more than 100 networks.
The round brings Squid’s total funding to $13.5 million, following a $3.5 million seed round in 2023 and a $4 million strategic round in 2024. The team currently has around 20 people and is not hiring.
Ripple’s participation fits a broader pattern of infrastructure investments around the XRP Ledger. As crypto.news reported, JPMorgan, Mastercard, and Ripple recently tested tokenized Treasury settlement on XRPL. Separately, the XRP Alliance launched earlier this month to build yield products for XRP holders.
Squid expects to share more about its consumer roadmap in the coming months.
Source: https://crypto.news/ripple-backs-squids-6m-cross-chain-round/
