A major funding round has been completed on the Solana blockchain.

Squads announced today that it has completed $18 million in strategic financing, led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, and others.
The total funding has reached $42.9 million.
The new funds are clearly aimed at expanding its stablecoin financial platform, Altitude.
Altitude launched in December last year, positioning itself as an enterprise-level stablecoin payment and fund management platform.
The key differentiator is its self-custody model: corporate funds are held directly in the form of stablecoins, not entering traditional reserve bank accounts.
This design hits the most sensitive current needs—
Traditional banking systems are not friendly to crypto companies, with high cross-border payment costs, low efficiency, and complex compliance thresholds.
Altitude bundles compliance layers (sanctions screening, AML, transaction monitoring, KYB) and payment layers (integrating services like MoonPay), ready for enterprise use.
The data speaks for itself—
In less than five months since launch, it has processed over $200 million in payments.
Clients include exporters, remote cross-border teams, crypto-native companies, and global agencies.
Returning to the judgment in a16z’s stablecoin report: stablecoins are shifting from "asset holding" to "high-frequency payment medium," with C2B transactions growing 128% year-over-year.
Altitude is targeting this trend.
Squads started with multi-signature solutions and is now shifting to provide enterprise stablecoin treasury services—this transformation clearly hits the right direction.
The next-generation "crypto bank" will not look like a traditional bank, but more likely like Altitude.