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Squid - Seed
Overview
Funding Date
February 1, 2023
Financing amount
$3.5M
Valuation
--
Catagory
About Squid - Seed
Squid, an Axelar-based protocol that connects users and developers with cross-chain liquidity, raised a $3.5 million seed round led by North Island Ventures. The new capital will help Squid add more supported chains and expand the team. Other participants in the funding round included Distributed Global, Fabric Ventures, Galileo, Chapter One and Noble Capital, among others. Axelar participated as a strategic investor.
Investors
| Investors | Type | Location | Year Founded | #Portfolio Companies | Email Address | Socials |
|---|---|---|---|---|---|---|
| Fund | United States of America | -- | 30 | -- | ||
| Fund | United States of America | 2017 | 46 | info@distributedglobal.com | ||
| Fund | United Kingdom | 2017 | 58 | hello@fabric.vc | ||
| Corporate | Unknown | 2022 | 7 | -- | ||
| Fund | United States of America | -- | 22 | -- | ||
| Corporate | United States of America | 2002 | 1 | -- |
Founders & Team
Christina Rud
Company Profile / Project Introduction
Squid is the cross-chain swap and liquidity routing protocol on Axelar Network. Squid utilises existing DEXs to swap and send any native token between chains. This can be done via SDK, Front End or Contracts directly. Swaps are composable with Axelar's generalised message passing, so Squid can enable one-click transactions between any application and any user, using any asset. Buy NFTs from any marketplace, use multi-chain DeFi, play a game on another chain, all without signing multiple transactions or downloading multiple wallets.
How does Squid work?
The Squid protocol plugs into existing liquidity on DEXs on supported chains to easily enable cross-chain swaps, a type of smart contract technology that allows for the exchange of tokens between two different blockchains. Squid offers an application programming interface (API) and software development kit (SDK) for developers and a customizable widget.
Squid's mainnet launch supports 25 chains, including Ethereum, Moonbeam, Binance Chain, Arbitrum, Avalanche, Polygon and a number of Cosmos-based chains. DEXs that are integrating Squid include QuickSwap, Pangolin, SpookySwap, StellaSwap and Trisolaris.