According to Techub News, Squads Labs, the developer of Solana’s multi-signature protocol Squads, has completed a $10 million Series A financing round led by Electric Capital, with participation from Coinbase Ventures, Placeholder VC, RockawayX, L1 Digital, and Helius co-founder and CEO and Odyssey Ventures founder Mert Mumtaz. This round of financing will be used to continue to enhance the Squads protocol and help more companies move their operating processes to the chain.

Squads is a multi-signature protocol built on Solana that helps businesses manage on-chain assets such as funds, tokens, and administrative keys through multi-signature security. Since its launch in 2021, Squads has helped protect more than $10 billion in assets, a significant increase from $500 million in October last year.