Ripple has participated in a $6 million funding round for Squid, a cross-chain routing protocol developed on the Axelar infrastructure. This strategic round was led by North Island Ventures, with Ripple among the investors. Although the individual contributions and post-money valuation were not disclosed, this funding increases Squid’s total capital to $13.5 million, following previous rounds in 2023 and 2024. Since its launch in January 2023, Squid has facilitated over $6 billion in transactions across more than 100 chains and 130 decentralized exchanges. Ripple’s involvement is significant, as it suggests an interest in cross-chain infrastructure that could potentially integrate with the XRP ecosystem. This development occurs amid a volatile crypto market, with XRP trading at $1.36 and the Fear & Greed Index indicating extreme caution. The focus now is on how Squid will utilize the new funding and the potential for integration with the XRP Ledger, which could enhance liquidity and connectivity across chains. Investors are advised to stay informed, as Ripple has yet to issue a detailed statement regarding its participation.
Why did Ripple invest in Squid’s $6M funding round?
