Ripple and North Island Ventures Lead $6M Funding Round for Cross-Chain Platform Squid

Cross chain infrastructure platform Squid has raised $6 million in a strategic funding round to develop a new consumer focused product aimed at simplifying access to crypto across multiple blockchains. The round was led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, and several angel investors from the blockchain ecosystem.

Squid has now raised a total of $13.5 million, following earlier seed and strategic rounds in 2023 and 2024.

Platform Reports Strong Multi-Chain Activity

Since its launch, Squid says it has processed more than $6 billion in transaction volume across over 100 blockchain networks, completing more than 4 million transactions. The platform currently serves over 1 million users through integrations with wallets, DeFi apps, and payment systems.

Squid also operates across major ecosystems including Bitcoin, Ethereum, Solana, Cosmos, and the XRP Ledger, enabling users to move assets in a single cross-chain transaction.

New Consumer Product and Expansion Plans

The company is now preparing a new consumer product built on its existing routing and settlement infrastructure. According to co-founder Fig, the goal is to make crypto access as simple as basic cross-chain swaps while expanding beyond its current bridge-and-swap application.

Squid also highlights its role as an official bridge partner for the XRP Ledger and its involvement in validator operations and governance participation.

Security and Growth Strategy

With cross chain bridges historically vulnerable to exploits, Squid said it has completed nine independent security audits and has not suffered any hacks to date, reporting 99.99% uptime. The team currently consists of around 20 employees and is not actively hiring as it focuses on product expansion.