Key Takeaways
- • Squid, a cross-chain routing platform, closed a $6 million strategic funding round led by North Island Ventures with Ripple as a key participant, bringing total capital raised to $13.5 million.
- • The platform has processed over $6 billion in volume across more than 4 million transactions since its January 2023 launch, serving over 1 million users across 100+ blockchains and supporting 20,000+ tokens.
- • North Island Ventures, which led Squid's $3.5 million seed round in 2023, has doubled down on the investment, citing the company's execution track record and demonstrated revenue generation from enterprise integrations.
- • Capital will be deployed toward consumer-facing product development and introduction of transaction fees as a new revenue stream, complementing existing enterprise service revenue.
- • Ripple's participation is strategically aligned with its interoperability mandate; Squid integrates the XRP Ledger alongside major ecosystems including Ethereum, Solana, Bitcoin, Stellar, and Cosmos, expanding XRPL accessibility across the broader crypto ecosystem.
Summary
Squid, a Switzerland-based cross-chain routing platform, has secured $6 million in a strategic funding round led by North Island Ventures, with participation from Ripple, Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital. The round brings the company's total capitalization to $13.5 million and represents a deliberate scaling of the platform's fundraising velocity—following a $3.5 million seed round in 2023 and a separate $4 million raise in 2024.
The investment underscores Squid's emergence as critical cross-chain infrastructure. Since launching in January 2023, the platform has routed over $6 billion in volume across more than 100 blockchains, processing more than 4 million transactions and serving over 1 million users. The platform supports integration with 20,000+ tokens and is built on the Axelar network, which provides the underlying infrastructure for native-to-native cross-chain transactions.
North Island Ventures' decision to lead the round reflects confidence in Squid's operational execution and commercial viability. The firm specifically cited the platform's revenue-generating enterprise integrations as a core rationale for re-investment, signaling that Squid has moved beyond user growth metrics to demonstrate tangible monetization pathways.
Ripple's participation carries strategic significance beyond capital contribution. By backing a cross-chain router that integrates the XRP Ledger alongside major ecosystems including Ethereum, Solana, Bitcoin, Stellar, and Cosmos, Ripple reinforces its long-standing interoperability agenda. For Ripple, the investment makes XRP Ledger more accessible to the broader crypto ecosystem while supporting infrastructure that reduces friction in cross-chain asset movement.
Squid plans to deploy capital toward consumer-facing product expansion and introducing transaction fees as a new revenue stream alongside existing enterprise services, positioning the platform for both user adoption and monetization scaling.
The investment underscores Squid's emergence as critical cross-chain infrastructure. Since launching in January 2023, the platform has routed over $6 billion in volume across more than 100 blockchains, processing more than 4 million transactions and serving over 1 million users. The platform supports integration with 20,000+ tokens and is built on the Axelar network, which provides the underlying infrastructure for native-to-native cross-chain transactions.
North Island Ventures' decision to lead the round reflects confidence in Squid's operational execution and commercial viability. The firm specifically cited the platform's revenue-generating enterprise integrations as a core rationale for re-investment, signaling that Squid has moved beyond user growth metrics to demonstrate tangible monetization pathways.
Ripple's participation carries strategic significance beyond capital contribution. By backing a cross-chain router that integrates the XRP Ledger alongside major ecosystems including Ethereum, Solana, Bitcoin, Stellar, and Cosmos, Ripple reinforces its long-standing interoperability agenda. For Ripple, the investment makes XRP Ledger more accessible to the broader crypto ecosystem while supporting infrastructure that reduces friction in cross-chain asset movement.
Squid plans to deploy capital toward consumer-facing product expansion and introducing transaction fees as a new revenue stream alongside existing enterprise services, positioning the platform for both user adoption and monetization scaling.
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