Blockchain
Blockchain Company Squad Labs Raises $10 Million for Smart Wallet
Blockchain technology company Team workshops raised $10 million in new funding.
The Series A round was led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder and Mert Mumtaz.
“As the onchain economy grows, so does the adoption of smart accounts and wallets on blockchain,” the company said in a press conference on Wednesday (June 12). Press release announcing the financing. “These trends are related because smart accounts unlock a more intuitive, secure, and programmable way for users to interact with blockchain ecosystems.”
The company said it will use the funding to bring its Fuse smart wallet to market and “make it the best place to protect and grow personal digital wealth.”
Fuse, the release states, “abstracts the initial phrases and offers wallet recovery and 2FA functionality,” while offering “enterprise-grade security for personal custody and makes it easy to choose to store digital wealth on-chain.”
In addition to the funding round, Squad Labs also announced that it would open Fuse for public testing on iOS.
Meanwhile, a recent PYMNTS intelligence report examines the use of blockchain in improving cross-border payments.
“To use blockchain to improve and streamline cross-border settlements, companies can start by partnering with FinTechs to enable streamlined cross-border payment processing and facilitate seamless digital-to-fiat currency conversion,” PYMNTS recently wrote.
Stablecoin integration in a company’s payment system it also offers cross-border customers a fast, reliable and cost-effective alternative to standard payment channels.
And permissioned, business-friendly decentralized finance (DeFi) solutions can also help companies automate and secure their cross-border transactions via smart contracts. These solutions reduce dependence on traditional payment channels, accelerate payment cycles and strengthen the security and transparency of transactions.
According to the PYMNTS Intelligence report, faulty cross-border payments have cost American merchants at least $3.8 billion in sales in the last year alone.Cross-border sales and the challenge of failed payments.”
“It is also critical that businesses educate not only themselves but also their business partners about the benefits of on-chain cross-border payments,” PYMNTS wrote. “Educate end users enables them to use these innovative payment solutions with confidence, promoting trust and facilitating smoother transactions.”
Finally, communicating with banks and financial institutions about interest in blockchain-based cross-border payments can also help accelerate change in the industry.
“By highlighting the benefits these solutions would bring to businesses, raising awareness can encourage more financial institutions to adopt and support blockchain as a next-generation cross-border payment technology,” PYMNTS wrote.