Squads Raises $18M to Power Altitude Stablecoin Platform Expansion

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Squads Raises $18M to Power Altitude Stablecoin Platform Expansion

Squads, a Solana-based multisig protocol, has raised $18 million in new funding to expand its stablecoin platform, Altitude. The Block reported the news on March 15, 2025. This round brings the company’s total funding to $42.9 million.

Squads Raises $18M to Expand Altitude Stablecoin Platform

Solana Ventures led the funding round. Coinbase Ventures, Hon Ventures, and L1D also participated. The investment signals strong confidence in Squads’ technology and its Altitude stablecoin platform. Altitude focuses on stablecoin issuance and management. It aims to simplify stablecoin operations for businesses and institutions.

The new capital will accelerate Altitude’s development. Squads plans to hire more engineers and expand its sales team. The company also intends to integrate Altitude with more decentralized finance (DeFi) protocols. This move targets the growing demand for stablecoin infrastructure.

Stablecoins represent a key segment in the cryptocurrency market. They offer price stability by pegging to fiat currencies like the US dollar. The total stablecoin market cap exceeds $200 billion. Altitude aims to capture a share of this market by providing a secure and scalable platform.

Background of Squads and Altitude

Squads started as a multisig protocol on Solana. Multisig technology requires multiple private keys to authorize a transaction. This feature enhances security for crypto treasuries and decentralized autonomous organizations (DAOs). Squads quickly gained traction among Solana-based projects.

The team launched Altitude in early 2024. The platform allows users to mint, burn, and transfer stablecoins. It also provides tools for compliance and risk management. Altitude uses Squads’ multisig security to protect stablecoin reserves.

Prior funding rounds supported Squads’ initial growth. The company raised $24.9 million in previous rounds. Key investors included Multicoin Capital and Jump Crypto. The new $18 million round solidifies Squads’ position in the crypto infrastructure space.

Funding Details and Investor Confidence

The $18 million round closed in February 2025. Solana Ventures contributed the largest portion. Coinbase Ventures joined as a strategic partner. Hon Ventures and L1D added institutional credibility.

Investors cited Altitude’s potential to bridge traditional finance and DeFi. Stablecoins are increasingly used for cross-border payments and remittances. Altitude’s compliance features make it attractive for regulated entities. The platform supports know-your-customer (KYC) and anti-money laundering (AML) checks.

This funding round follows a broader trend of venture capital flowing into stablecoin infrastructure. Circle and Paxos have raised significant funds for their stablecoin platforms. Squads differentiates itself by focusing on Solana’s high-speed, low-cost network.

How Altitude Works and Its Market Impact

Altitude operates as a white-label stablecoin platform. Clients can create their own branded stablecoins. The platform handles technical aspects like smart contract deployment and liquidity management.

Key features of Altitude include:

• Multisig security: Requires multiple approvals for transactions.
• Compliance tools: Built-in KYC/AML checks.
• Scalability: Uses Solana’s high throughput for fast settlements.
• Interoperability: Connects with major DeFi protocols.

The platform targets financial institutions, fintech companies, and DAOs. These entities need reliable stablecoin infrastructure for payments and treasury management. Altitude reduces the technical barriers to issuing stablecoins.

Market analysts expect stablecoin adoption to grow further. Central banks and regulators are exploring digital currencies. Altitude positions itself as a compliant solution for this evolving landscape.

Comparison with Competitors

Altitude competes with platforms like Circle’s USDC infrastructure and Paxos’ stablecoin services. Circle raised $400 million in 2022. Paxos has raised over $500 million. Squads’ $42.9 million total funding is smaller but focused on a niche market.

Altitude’s advantage lies in its Solana integration. Solana processes thousands of transactions per second with low fees. This makes Altitude ideal for high-volume stablecoin applications. Ethereum-based platforms face higher costs and slower speeds.

The table below compares key metrics:

Expert Insights and Industry Reactions

Industry experts view this funding as a positive sign for Solana’s ecosystem. Solana experienced network outages in 2022 and 2023. Recent upgrades improved reliability. The investment in Altitude shows continued confidence in Solana’s future.

“Stablecoin infrastructure is critical for mainstream crypto adoption,” said a blockchain analyst at a research firm. “Altitude’s focus on compliance and security addresses key barriers.” The analyst requested anonymity due to company policy.

Squads CEO stated that the funding will help Altitude scale globally. The company plans to expand into Asia and Europe. These regions have growing demand for stablecoin-based payment solutions.

Timeline of Squads’ Growth

Key milestones for Squads and Altitude include:

• 2022: Squads launches as a multisig protocol on Solana.
• 2023: Raises $24.9 million in Series A funding.
• 2024: Launches Altitude stablecoin platform.
• 2025: Raises $18 million to expand Altitude.

This timeline shows steady progress. The company has evolved from a security tool to a comprehensive stablecoin platform.

Conclusion

Squads raises $18M to expand its Altitude stablecoin platform, marking a significant step for Solana-based infrastructure. The funding from Solana Ventures, Coinbase Ventures, and others validates the platform’s potential. Altitude’s focus on security, compliance, and scalability positions it well in the growing stablecoin market. As stablecoin adoption increases, Altitude could play a key role in bridging traditional finance and DeFi. The company’s total funding of $42.9 million provides a solid foundation for future growth.

FAQs

Q1: What is Squads and why did it raise $18M?
Squads is a Solana-based multisig protocol. It raised $18M to expand its Altitude stablecoin platform, which helps businesses issue and manage stablecoins.

Q2: Who led the funding round for Squads?
Solana Ventures led the round. Coinbase Ventures, Hon Ventures, and L1D also participated.

Q3: What is the Altitude stablecoin platform?
Altitude is a white-label platform for minting, burning, and transferring stablecoins. It includes compliance tools and uses multisig security.

Q4: How does Altitude differ from Circle’s USDC?
Altitude runs on Solana, offering faster and cheaper transactions. Circle’s USDC operates on multiple blockchains but has higher fees on Ethereum.

Q5: What is the total funding raised by Squads?
Squads has raised $42.9 million in total, including the latest $18 million round.

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