Squads Labs, the innovative force behind the Squads Protocol, a smart account standard utilizing multisig and Solana Virtual Machine (SVM), has introduced a groundbreaking new offering called Fuse.
Described as the very first smart wallet on the Solana blockchain, Fuse has been unveiled by a core contributor of the Squads Protocol in a recent blog post. This retail-focused wallet application is now accessible on iOS devices through a public TestFlight.
Fuse revolutionizes crypto asset management by leveraging smart accounts to meet the unique needs of users in managing their personal crypto assets. Solana users can now benefit from the same cutting-edge smart account technology utilized by some of Solana’s most prominent protocols, teams, and investors, thanks to Fuse.
One of the key features of Fuse is its dual-layered security mechanism, which enhances wallet security significantly. The wallet operates with two primary keys – the “Device Key,” stored on the user’s phone and utilizing Apple’s biometric authentication (Face ID) for added security, and the “2FA Key,” ensuring that all transactions require two-factor authentication. While Fuse automatically assigns the 2FA key to the user’s iCloud, users have the option to switch this to Ledger as part of an upgrade.
By requiring both verification methods for every transaction, Fuse eliminates the single point of failure commonly associated with traditional wallets, as explained by the Squads team.
In addition to the Fuse announcement, Squads Labs revealed that it has successfully secured $10 million in funding from a funding round led by venture capital firm Electric Capital. Other major participants in the funding round include prominent crypto venture firms such as Coinbase Ventures, Placeholder VC, L1 Digital, and RockawayX. Squads Labs also received funding from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform.
This latest funding round brings Squads Labs’ total funding to $22.5 million across four rounds. The capital injection will be instrumental in the development of products like Fuse and a developer toolkit for SVM-compatible smart accounts.