Multisignature agreement developer Squads completes $18 million strategic funding, led by Solana Ventures

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BlockBeats News, April 29 — The multi-signature protocol developer Squads, based on Solana, announced the completion of $18 million in strategic financing. The round was led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, and others. To date, Squads has raised a total of $42.9 million.

Squads stated that the new funds will be used to expand its stablecoin financial platform, Altitude. The platform officially launched in December last year, mainly providing enterprise-based 24/7 global payments and fund management services using stablecoins.

According to reports, Altitude adopts a self-custody wallet model, where enterprise funds are held directly in the form of stablecoins, rather than in traditional reserve bank accounts. The platform also integrates compliance systems such as sanctions screening, AML, transaction monitoring, and KYB (Know Your Business), and can connect to payment service providers like MoonPay.

Squads disclosed that since its launch at the end of last year, Altitude has processed over $200 million in payments. Its clients include exporters, cross-border remote teams, crypto-native companies, and global agencies.

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