Squid, a Zug-based cross-chain infrastructure platform, has raised $6 million to accelerate the development of its consumer-facing product suite. The round was led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, Arche Capital, and angel investors connected to Axelar, Ledger, Polymer, Enso, and Peanut. The announcement positions Squid’s latest raise as both a capital injection and a signal of investor confidence in infrastructure that simplifies digital asset movement across blockchain ecosystems.
Funding Supports Consumer Expansion
The company said the new funding will be used to expand products that make cross-chain asset access easier for everyday users. Since launching in January 2023, Squid says it has routed more than $6 billion in volume across over four million transactions, serving more than one million users. Its revenue currently comes from enterprise services, with transaction fees expected to become part of the model.
Building Across Blockchain Networks
Squid’s platform is designed to connect blockchain networks, liquidity sources, and applications so users can move digital assets across chains through a single transaction. Its existing app supports asset movement across ecosystems including Ethereum, Bitcoin, Solana, Cosmos, and XRPL. The company argues that this functionality is becoming more important as stablecoins, tokenized securities, and other digital assets increasingly operate across multiple networks rather than within a single blockchain environment.
Investor Confidence in Execution
North Island Ventures, which also backed Squid’s seed round, said the company has shown an ability to generate real usage and revenue while continuing to build through changing market conditions. The investor’s renewed support reflects confidence not only in the technical architecture but also in the team’s delivery record. Peanut co-founder Konrad Urban, whose company built on Squid from its early stages, also pointed to the platform’s reliability in handling cross-chain payment complexity.
Full-Stack Infrastructure Strategy
Squid says it controls each layer of its stack, from execution and routing to developer tools and consumer-facing interfaces. Co-founder Christina Rud said this approach allows the company to support developers, blockchain foundations, and individual users without relying on a patchwork of outside systems. The company’s stack includes Squid Intents, aggregation and routing technology, SDKs, APIs, widgets, and products that operate across more than 100 blockchain networks.
Technology and Market Position
A key part of Squid’s architecture is its ability to reach ecosystems that do not rely on smart contracts, including Bitcoin and XRPL. Squid Intents uses market makers to fill cross-chain transactions and settles them through Trusted Execution Environments, avoiding the need to deploy contracts on every supported network. The company says this model helps it support more than 20,000 tokens, provide strong execution quality, and maintain 99.99% uptime.
The funding comes as blockchain activity continues to spread across more networks, creating demand for tools that abstract away technical fragmentation. Squid’s next phase will focus on consumer products, deeper partnerships with applications and chains already using its infrastructure, and broader reach into institutional ecosystems. The company said more details about its consumer roadmap are expected in the coming months.