Cross-chain crypto platform Squid has raised $6 million in a new strategic funding round aimed at expanding its consumer-focused products and making it easier for users to move assets between different blockchains.
The investment round was led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital.
Several angel investors also joined the round, including Georgios Vlachos, Connor Howe, and Dan Lynch.
Squid’s co-founder, known publicly as Fig, said the goal is to make using crypto across different blockchains as simple as possible.
The platform allows users to move assets between major blockchain networks like Bitcoin, Ethereum, Solana, Cosmos, and the XRP Ledger in a single transaction.
Squid also serves as the official bridge partner for the XRP Ledger and operates a validator on the network, which helps explain Ripple’s interest in supporting the project.
Since launching in January 2023, Squid says it has processed more than $6 billion in transaction volume through over 4 million transactions involving more than one million users.
The company’s technology uses market makers and trusted execution systems to complete cross-chain transfers without needing separate smart contracts on every blockchain. This setup currently supports more than 100 networks.
With the new funding, Squid’s total capital raised has now reached $13.5 million after earlier funding rounds in 2023 and 2024.
Ripple’s investment is part of a wider push to support infrastructure around the XRP Ledger. Recent projects linked to XRPL have included tokenized Treasury settlement tests involving major financial firms and the launch of new yield-focused products for XRP holders.
Squid said more details about its future consumer products and roadmap will be shared in the coming months.
