Ripple has joined Squid’s $6 million funding round as the cross-chain platform aims to expand its consumer product offerings and simplify the movement of assets across the blockchain ecosystem.
The round was led by North Island Ventures with participation from Dialectic, Borderless, Scenius Capital, Altos, Arche Capital, and angels Axelar, Ledger, Polymer, Enso, and Peanut. Ika said the capital will support new consumer products designed to make it easier for everyday users to access and manage digital assets across the blockchain.
Since its launch in January 2023, Squid has routed over $6 billion in volume across over 4 million transactions and served over 1 million users. The company generates revenue through enterprise services and plans to add transaction fees.
Squid’s platform allows users to move tokens between various ecosystems such as Ethereum, Bitcoin, Solana, Cosmos, and XRPL through a single transaction. According to its website, the protocol supports over 100 blockchains and powers cross-chain capabilities across over 1,000 apps, including MetaMask, Ripple, and Ledger.
This funding comes as XRPL’s multi-chain push continues to expand. Axelar announced last year that its XRPL EVM sidechain went live with cross-chain connections to over 80 blockchains, and that Squid was integrated as a cross-chain transfer interface between XRPL and EVM sidechains.
Squid’s infrastructure is built around the Squid Intents execution layer. The Squid Intents execution layer leverages market makers to fulfill cross-chain transactions and settle trades through a trusted execution environment, rather than deploying contracts on a chain-by-chain basis. Squid said this design will allow the platform to support more than 100 networks, including ecosystems without smart contracts such as Bitcoin and XRPL.
North Island Ventures said Squid has shown that cross-chain infrastructure can generate revenue from real-world usage, while Squid co-founder Christina Ladd said the company’s full-stack approach allows it to serve developers, blockchain foundations, and individual users from the same infrastructure layer.
