Squid Completes $3.5 Million Financing Led By North Island Ventures
- A $3.5 million seed round headed by North Island Ventures enabled Squid, an Axelar-based protocol that links users and developers with cross-chain liquidity, to raise funds.
- The additional funding will enable Squid to grow its team and introduce more supported chains.
The DeFi liquidity protocol Squid announced the completion of a $3.5 million financing led by North Island Ventures.
The round also included participation from top cryptocurrency investment firms Distributed Global, Fabric Ventures, Galileo, Chapter One, and Node Capital. Waikit Lau, Stani Kulechov, Zaki Manian, Dean Eigenmann, 7, Tamlyn Rudolph, Ashleigh Schap, and others were among the angels. Squid was one of the first projects to get money following Axelar Developer Grants, hence Axelar is also supporting the round.
Travis Scher, the co-founder and managing partner at North Island Ventures, stated:
“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.”
According to reports, Squid is a cross-chain transaction and liquidity routing protocol on the Axelar Network. It leverages existing DEXs to trade and send any native token between chains. Transactions can be combined with Axelar’s universal messaging, so the protocol can enable one-click transactions between any application and any user using any asset.
It wants to equip programmers to create the upcoming crop of crypto-native apps with this potent, user-centered methodology. This is made possible by the. API, SDK, and front-end widget, a ready-made UI that can be included in a matter of minutes.
The new funding will help the project add more support chains and expand the team. It will be able to carry out its aim to make moving any token across chains as easy, safe, and effective as possible, thanks to the funding.
25 chains, including interoperability between EVM chains and the Cosmos, are supported by Squid’s mainnet debut. The list of supported chains by Axelar and Squid both expand along with the availability of liquidity on each chain.
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