Ripple has participated in a $6 million strategic funding round for Squid, a cross-chain infrastructure platform that enables seamless asset transfers across major blockchains. The round was led by North Island Ventures, with additional backing from Dialectic, Borderless, Scenius Capital, Altos, and Arche Capital. Angel investors, including Axelar co-founder Georgios Vlachos, Enso Finance founder Connor Howe, and Constructive founder Dan Lynch, also joined.
Since launching in January 2023, Squid has processed over $6 billion in volume through more than 4 million transactions, serving over 1 million users across 100+ blockchain networks. The platform serves as the official bridge partner for the XRP Ledger, operates a validator on the network, and participates in governance, which made Ripple’s investment a natural extension of their existing relationship. This funding brings Squid’s total raised to $13.5 million, following earlier rounds in 2023 and 2024.
Squid plans to use the new capital to build consumer-facing products that simplify cross-chain asset movement. Its execution layer, Squid Intents, leverages market makers and trusted execution environments to settle transactions without deploying smart contracts on every chain. The platform has completed nine independent security audits with no exploits and 99.99% uptime. Ripple’s involvement underscores its broader strategy of investing in XRP Ledger infrastructure, following recent tests of tokenized Treasury settlements and the launch of the XRP Alliance.
