Squid raises $6M to push cross-chain infrastructure into consumer products
What's the deal? SquidDealroom has a profile for this one. Try Dealroom →, a Switzerland-based cross-chain platform that moves digital assets across blockchain networks, has raised $6M in funding led by North Island VenturesDealroom has a profile for this one. Try Dealroom →. Ripple, DialecticDealroom has a profile for this one. Try Dealroom →, BorderlessDealroom has a profile for this one. Try Dealroom →, Scenius CapitalDealroom has a profile for this one. Try Dealroom →, Altos, and Arche CapitalDealroom has a profile for this one. Try Dealroom → also participated, alongside angel investors from Axelar, Ledger, Polymer, Enso, and PeanutDealroom has a profile for this one. Try Dealroom →.
Since launching in January 2023, Squid has routed more than $6B in volume through over four million transactions, serving more than one million users. The fresh capital will fund an expansion into consumer-facing products designed to make managing assets across blockchains seamless.
Why now? Digital assets increasingly live across many blockchain ecosystems — stablecoins, tokenised securities, and a growing number of networks all demand interoperability. Squid already supports 100+ networks, including ones without smart contracts like Bitcoin and XRPL, and enables any-to-any token swaps in a single transaction across Ethereum, Solana, Cosmos, and more.
The company says it has product-market fit and revenue from enterprise services, with transaction fees coming soon. North Island Ventures, which led Squid's seed round, is doubling down. "We're leading again because Squid has executed on that thesis," said Travis Scher, co-founder and managing partner at the firm.
What could go wrong? Cross-chain infrastructure is a crowded and technically risky space. Bridge exploits have cost the crypto industry billions, and any security failure could erode trust quickly.
Squid's execution layer, Squid Intents, uses market makers and Trusted Execution Environments (TEEs) rather than deploying contracts on every chain — a design choice that reduces surface area but introduces its own trust assumptions. Moving from developer-focused infrastructure into consumer products also means competing for retail attention, a very different challenge.
The signal: North Island Ventures leading both Squid's seed and this follow-on round is a strong conviction signal in a cross-chain infrastructure category that remains fragmented. Ripple's participation as a corporate investor also stands out, given that Squid already supports XRPL — suggesting the round is as much a strategic integration play as a financial one. With $6B in routed volume and revenue already in place, Squid's pivot toward consumer products will test whether infrastructure-layer companies can capture end-user value, not just developer fees.
Read more: thembnews.com
