🌎 First Smart Wallet Fuse Launches on Solana Blockchain

Squads Labs, the platform behind the multisig and Solana Virtual Machine (SVM) smart account standard Squads Protocol, has announced the launch of Fuse, the first smart wallet on the Solana blockchain.

Introducing Fuse: The First Smart Wallet on Solana

Fuse is a retail-focused wallet app now available on iOS devices via a public TestFlight. This wallet leverages smart accounts to redefine a user’s crypto asset management, reimagining the functionality of crypto wallets to cater to personal asset management needs.

“For the first time, Solana users can access the same smart account technology used by Solana’s largest protocols, teams, and investors,” Squads Labs noted.

With Fuse, users can benefit from a wallet mechanism that offers dual-layered security. The wallet utilizes two primary keys, or Active Keys, to enhance security.

Key Features of Fuse

Device Key: This key stays on the user’s phone and utilizes Apple’s biometric authentication (Face ID) for security.
2FA Key: Ensures all transactions go through two-factor authentication. While Fuse automatically sets the 2FA key to the user’s iCloud, users can reset this to Ledger as part of their upgrade.

Requiring both verification methods for every transaction helps eliminate the single point of failure often found in traditional wallets.

Funding and Future Plans

Squads Labs has secured $10 million in a funding round led by venture capital firm Electric Capital. The round also saw participation from major crypto venture firms such as Coinbase Ventures, Placeholder VC, L1 Digital, and RockawayX. Additional funding came from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform.

This latest funding round brings Squads Labs’ total funding to $22.5 million across four rounds. The capital will be utilized to further develop products like Fuse and a developer toolkit for SVM-compatible smart accounts.