Cross-chain routing platform Squid has closed a $6M strategic funding round led by North Island Ventures, with Ripple joining as a notable participant. The raise brings Squid's total capital to $13.5M.
Since launching in January 2023, Squid has processed over $6B in volume across more than 4 million transactions. The platform serves over 1 million users and operates across more than 100 blockchains, supporting upwards of 20,000 tokens.
Ripple's participation is strategic: Squid supports the XRP Ledger, and for Ripple, backing a cross-chain router that makes XRPL more accessible aligns with the company's push for interoperability.
The plan to introduce transaction fees is the most significant strategic signal. Squid has spent three years building volume and integrations, and now transitions from free routing to fee-based routing with a foundation of $6B in historical volume and 1 million users.