As a researcher with a background in blockchain technology and experience in the Solana ecosystem, I’m thrilled about the recent announcement from Squads Labs regarding the launch of Fuse, the first smart wallet on the Solana blockchain. This innovation redefines crypto asset management for users by leveraging smart accounts to offer enhanced security features.
The company Squads Labs, which is responsible for the development of the Squads Protocol – a popular standard for multisig and Solana Virtual Machine (SVM) smart accounts on the Solana blockchain – has introduced a new project called Fuse.
In a blog post published on Monday, a key figure from the Squads Protocol team announced that Fuse is the pioneering intelligent wallet on the Solana blockchain.
First smart wallet on Solana
Fuse is a retail-focused wallet app that is now available on iOS devices via a public TestFlight.
This wallet utilizes the technology of smart accounts to transform how users manage their cryptocurrencies. By innovatively adapting to individual requirements, it enhances the capabilities of traditional crypto wallets.
As a researcher studying the latest developments in the Solana blockchain, I’m excited to share that for the first time, individual users now have the ability to utilize the advanced smart account technology previously only accessible to major Solana protocols, project teams, and investors.
Using Fuse, users have access to a wallet feature ensuring double protection for their wallets. This wallet operates with a two-pronged security system, employing two main keys, referred to as Active Keys.
As a researcher, I would describe it this way: I’ve come across a feature referred to as a “Device Key.” This key is stored on a user’s device and utilizes Apple’s advanced biometric authentication system, such as Face ID, to ensure maximum security.
Simultaneously, the “2FA Key” reinforces security by requiring two-step verification for every transaction. Initially, Fuse assigns this key to a user’s iCloud account, but it can be changed to a Ledger device during an upgrade process.
Using two verification methods for each transaction enhances security by eliminating the vulnerability associated with traditional wallets, which relies on a sole method for authentication.
Squads Labs secures $10 million funding
I, as an analyst, would like to share that apart from updating us with latest news on Fuse, Squads Labs made an exciting announcement. They successfully raised $10 million in a funding round, with Electric Capital spearheading the investment.
Major crypto investment firms, such as Coinbase Ventures, Placeholder VC, L1 Digital, and RockawayX, took part in the funding round.
As a researcher, I’ve come across an intriguing piece of news where Squads Labs announced that they secured funding from Mert Mumtaz, who is not only a co-founder but also the CEO of Helius. Helius is recognized as a Solana-based Remote Procedure Call (RPC) platform.
In their most recent financing round, Squads Labs has raised an additional amount, bringing their total funding to $22.5 million from four different investment rounds. This substantial infusion of capital will be used by Squads to enhance offerings such as Fuse and a developer kit for smart accounts that are compatible with Support Vector Machines (SVMs).
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2024-06-10 20:14