Squads Labs Unveils Groundbreaking Solana Smart Wallet
Squads Labs, the innovative force behind the groundbreaking Squads Protocol, which includes the multisig and Solana Virtual Machine (SVM) smart account standard, has introduced a new creation called Fuse.
According to a recent blog post by a core contributor to the Squads Protocol, Fuse represents the first of its kind as a smart wallet specifically designed for the Solana blockchain. This retail-centric wallet app is now accessible to iOS users through a public TestFlight.
Fuse sets itself apart by utilizing smart accounts to revolutionize the management of a user’s crypto assets. By redefining the functionalities of traditional crypto wallets, Fuse aims to meet the personal needs of users in managing their digital assets.
Squads Labs expressed excitement by stating, “For the first time, Solana users can experience the advanced smart account technology utilized by some of Solana’s largest protocols, teams, and investors.”
One of the key features of Fuse is its dual-layered security system, which enhances wallet protection. The wallet operates using two primary keys, known as Active Keys. The “Device Key” remains on the user’s phone and incorporates Apple’s biometric authentication (Face ID) for added security. Additionally, the “2FA Key” ensures that all transactions undergo two-factor authentication, further enhancing security measures. While Fuse automatically assigns the 2FA key to the user’s iCloud, it can be reset to Ledger as part of an upgrade.
By requiring verification through both methods for every transaction, Fuse eliminates the vulnerability associated with traditional wallets, as explained by the Squads team.
In addition to the launch of Fuse, Squads Labs also revealed that it has successfully secured $10 million in funding from a venture capital firm called Electric Capital. This funding round attracted participation from prominent crypto venture firms such as Coinbase Ventures, Placeholder VC, L1 Digital, and RockawayX.
Notably, Squads Labs also received financial support from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform. With this latest funding round, Squads Labs has accumulated a total of $22.5 million across four rounds. The company plans to allocate this capital towards the development of products like Fuse and a developer toolkit for SVM-compatible smart accounts.
