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Squads Labs announces first ever Solana smart wallet

squads-labs-announces-first-ever-solana-smart-wallet
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Squads Labs announces first ever Solana smart wallet

Squads Labs, the platform behind the multisig and Solana Virtual Machine (SVM) smart account standard Squads Protocol, has announced the launch of Fuse.

Fuse is the first smart wallet on the Solana blockchain, the Squads Protocol core contributor noted in a blog post on Monday.

First smart wallet on Solana

Fuse is a retail-focused wallet app that is now available on iOS devices via a public TestFlight.

The wallet leverages smart accounts to redefine a user’s crypto asset management. It reimagines the functionality of crypto wallets to cater to users’ personal crypto assets management needs.

“For the first time, Solana users can access the same smart account technology used by Solana’s largest protocols, teams and investors,” Squads Labs wrote.

With Fuse, users can tap into a wallet mechanism that offers dual-layered security, bolstering wallet security. The wallet utilizes two primary keys, or Active Keys.

There’s a “Device Key” that stays on a users’ phone, and taps into Apple’s biometric authentication (Face ID) for security.

Meanwhile, the “2FA Key” ensures all transactions go through two-factor authentication for all transactions. While Fuse automatically sets the 2FA key to the user’s iCloud, one can reset this to Ledger as part of their upgrade.

Having every transaction require both verification methods helps remove the single point of failure that characterizes traditional wallets, the Squads team explained. 

Squads Labs secures $10 million funding

As well as the news on Fuse, Squads Labs also announced it secured $10 million in a funding round led by venture capital firm Electric Capital.

The funding round also attracted the participation of major crypto venture firms, including Coinbase Ventures, Placeholder VC, L1 Digital and RockawayX.

Squads Labs also raised money from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform.

The latest funding sees Squads Labs reach a total of $22.5 million across four rounds. It’s capital injection that Squads plans to plough into products like Fuse and a developer toolkit for SVM-compatible smart accounts.