The blockchain company Squad Labs has raised new funding for $10 million.

The mentioned finances were received by the specified firm as part of the Series A funding round. This process was led by Electric Capital. RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaza also participated in the funding round.

In a press release from Squad Labs, which was published last Wednesday, June 12, it is noted that against the background of the growth of the on-chain economy, the process of implementing smart accounts and smart wallets across blockchains is scaling up. It is also separately noted that the mentioned tendencies are interrelated. Moreover, a press release underlined that smart accounts provide users with a more intuitive, secure, and programmable way to interact with blockchain ecosystems.

Squad Labs has announced its intention to use the received funding to bring its Fuse smart wallet to market. The company strives to make the mentioned digital wallet the best place for securing and compounding personal virtual wealth.

In the press release, special attention is drawn to the fact that Fust offers online wallet recovery and 2FA capabilities. This digital product also provides enterprise-level security for personal custody and simplifies the choice of how to store virtual assets on-chain.

In addition to the funding round, Squad Labs is also opening Fuse for public testing on iOS.

It is worth noting that something like the tendency of using blockchain to improve cross-border payment transactions is currently being observed. As part of this process, companies can start collaborating with fintech brands. Such partnerships will simplify the processing of cross-border payment transactions and ensure the smooth conversion of digital currencies into fiat ones.

As we have reported earlier, Linq Raises $6.6 Million to Bring AI to Financial Analysts.