Solana Ventures Leads Funding Round In Squads

By BSCN

about 7 hours ago

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Squads Closes $18M Round to Push On-Chain Business Finance

Squads (@Multisig), the Solana-based multisig infrastructure provider, has secured an $18 million strategic funding round led by @SolanaVentures. The raise is aimed at scaling the company's decentralised business finance stack, with a particular focus on its newly launched Altitude platform.

According to The Block, Squads, known for its Solana-based multisig protocol, raised $18 million in new funding to scale its stablecoin platform Altitude. The firm's existing multisig infrastructure has become deeply embedded in the Solana ecosystem — securing over $10 billion in value and processing more than $3 billion in stablecoin transfers.

Matthew Beck, head of Solana Ventures, underscored the team's track record. "The Squads team spent the last four years building the security infrastructure that most of the Solana ecosystem runs on," he said, referring to the Squads multisig protocol.

Altitude: Replacing Corporate Bank Accounts With On-Chain Treasury

The bulk of the fresh capital will be directed towards Altitude, Squads' flagship business product. Altitude is a stablecoin-native USD account for businesses to save, earn, and move dollars without borders, banks, or weeks of paperwork. Rather than rely on fractional-reserve banking, Altitude enables businesses to transact 24/7 using stablecoins through a self-custodial wallet, where user treasuries are held in stablecoins rather than fractional-reserve bank accounts.

The platform is designed to remove a persistent friction point in global commerce. Traditionally, businesses rely on bank partnerships to hold funds and access payment rails, requiring new integrations and compliance processes for each market. Squads CEO Stepan Simkin has described the stablecoin-native model as one that offers "true ownership, true programmability, and real transparency" by virtue of running on a decentralised blockchain.

Early traction for the product is notable. Since its public launch last December, Altitude has processed more than $200 million in payments for exporters, global agencies, crypto-native companies, and cross-border remote teams.

For businesses on Solana, the practical implications are significant. Altitude is Squads' operational dashboard for managing global money flows with stablecoins, built for companies, DAOs, and startups that need an efficient way to move funds, pay contributors, and handle treasury operations without the delays and high fees of traditional finance. The platform supports payroll, vendor payments, recurring invoices, and real-time expense tracking — all settled directly on-chain.

With this funding, Squads is positioning itself at the intersection of DeFi infrastructure and institutional-grade corporate finance, at a time when stablecoin adoption among businesses is accelerating rapidly.

Sources:
The Block – Solana Ventures leads $18M round in Squads to scale stablecoin platform Altitude
Squads – Introducing Altitude & Strategic Investment

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