Enso

Axelar

Raise

Partner

<p><a href="https://twitter.com/squidrouter" rel="noopener noreferrer nofollow">@squidrouter</a> has closed a $6M strategic funding round, adding a notable backer in <a href="https://twitter.com/Ripple" rel="noopener noreferrer nofollow">@Ripple</a> as it pushes deeper into cross-chain infrastructure. <cite>North Island Ventures led the round, with Ripple, Dialectic, and Borderless also participating.</cite><cite>The raise brings total funding to $13.5M, following a $3.5M seed round in 2023 and a $4M strategic round in 2024.</cite></p>
<h2 id="scale-that-backs-the-raise">Scale That Backs the Raise</h2>
<p><cite>Since launching in January 2023, Squid has routed over $6 billion in volume through more than 4 million transactions, serving over one million users.</cite><cite>Its execution layer, Squid Intents, uses market makers to fill cross-chain transactions and settles them through trusted execution environments rather than requiring smart contract deployments on every chain, an architecture that lets the platform support more than 100 networks.</cite><cite>The platform currently integrates with over 1,000 applications, including popular wallets and DeFi services.</cite></p>
<p><cite>Angel investors including Axelar co-founder Georgios Vlachos, Enso Finance founder Connor Howe, and Constructive founder Dan Lynch also joined the round.</cite> North Island Ventures has been with the project from the start. <cite>"Squid has demonstrated that cross-chain infrastructure can generate real revenue from real usage, and that the team can ship consistently across market cycles," said Travis Scher, Co-Founder and Managing Partner at North Island Ventures.</cite></p>
<h2 id="why-ripple-s-participation-matters">Why Ripple's Participation Matters</h2>
<p><cite>Squid supports the XRP Ledger as one of its integrated chains, sitting alongside major ecosystems like Ethereum, Solana, Bitcoin, Stellar, and Cosmos.</cite> The protocol also runs a validator on the XRP Ledger and serves as its official bridge partner. <cite>For Ripple, backing a cross-chain router that makes XRPL more accessible to the broader crypto ecosystem aligns with the company's long-standing push for interoperability.</cite></p>
<p>The fresh capital is set to fund more than just maintenance. <cite>The funding will accelerate Squid's expansion into consumer products that make accessing and managing digital assets across blockchains simple enough that users never need to think about the infrastructure underneath.</cite><cite>The new funds will also support the introduction of transaction fees as a revenue stream, marking a shift from free routing.</cite><cite>Doing so with $6B in historical volume and 1 million users as a foundation gives Squid more leverage than most protocols attempting the same playbook.</cite></p>
<p><b>Sources:</b><br><a href="https://www.prnewswire.com/news-releases/squid-raises-6m-to-expand-consumer-product-offering-on-cross-chain-infrastructure-302779721.html" rel="noopener noreferrer nofollow">Squid official press release via PR Newswire</a><br><a href="https://www.theblock.co/amp/post/402394/ripple-north-island-ventures-squid-crypto-funding" rel="noopener noreferrer nofollow">The Block: Ripple, North Island Ventures back $6M round for Squid</a><br><a href="https://crypto.news/ripple-backs-squids-6m-cross-chain-round/" rel="noopener noreferrer nofollow">Crypto.news: Ripple backs Squid's $6M cross-chain round</a></p>

Ripple is backing the cross-chain layer that already moved $6B in crypto

Table of Contents

BSCN

Other articles published on May 25, 2026

Join our free newsletter for daily crypto updates!