Ripple backs Squid’s $6M round to expand cross-chain consumer platform

Ripple participated in Squid’s $6 million funding round as the cross-chain platform looks to expand its consumer product offering and simplify asset movement across blockchain ecosystems.

The round was led by North Island Ventures and included participation from Dialectic, Borderless, Scenius Capital, Altos, Arche Capital, and angels from Axelar, Ledger, Polymer, Enso, and Peanut. Squid said the capital will support new consumer products designed to make accessing and managing digital assets across blockchains easier for everyday users.

Since launching in January 2023, Squid has routed more than $6 billion in volume across over 4 million transactions, serving more than 1 million users. The company generates revenue through enterprise services and plans to add transaction fees.

Squid’s platform allows users to move tokens across different ecosystems, including Ethereum, Bitcoin, Solana, Cosmos, and XRPL, through a single transaction. Its website says the protocol supports more than 100 blockchains and powers cross-chain features across more than 1,000 apps, including MetaMask, Ripple, and Ledger.

The funding comes as XRPL’s multichain push continues to expand. Axelar said last year that the XRPL EVM Sidechain had gone live with cross-chain connectivity to more than 80 blockchains, with Squid integrated as the cross-chain transfer interface for XRPL and the EVM sidechain.

Squid’s infrastructure is built around its Squid Intents execution layer, which uses market makers to fill cross-chain transactions and settles them through Trusted Execution Environments rather than requiring contract deployments on every chain. Squid says this design allows the platform to support more than 100 networks, including ecosystems without smart contracts such as Bitcoin and XRPL.

North Island Ventures said Squid has shown that cross-chain infrastructure can generate revenue from real usage, while Squid co-founder Christina Rud said the company’s full stack approach allows it to serve developers, blockchain foundations, and individual users from the same infrastructure layer.