Squads has raised $18 million in fresh funding to scale its stablecoin platform Altitude and strengthen its push into global business payments.
Key Takeaways
- Squads secured $18 million in a strategic equity round led by Solana Ventures with support from Coinbase Ventures, Haun Ventures, and L1D.
- Total funding now stands at $42.9 million, signaling strong investor confidence.
- Altitude has processed over $200 million in payments since its launch in December.
- The company is betting that stablecoins can replace traditional banking rails for businesses.
What Happened?
Squads, a key infrastructure provider in the Solana ecosystem, raised $18 million in a funding round completed in December to expand its stablecoin platform Altitude. The round was led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, and other investors.
The funding will be used to scale Altitude, a platform designed to help businesses run financial operations using stablecoins instead of traditional banking systems.
Announcing our latest $18M strategic round led by Solana Ventures. We’re doubling down on the ecosystem: continuing to develop Solana’s leading multisig solution and expanding our footprint into global business finance with Altitude. https://t.co/6MVXhWkuro
— Squads (@multisig) April 29, 2026
Squads Doubles Down on Stablecoin Finance
The latest funding reflects Squads’ strong belief that businesses no longer need banks to manage financial operations. Instead, the company is promoting stablecoins as a faster, cheaper, and more flexible alternative.
Co-founder and CEO Stepan Simkin said:
Altitude allows companies to operate using self custodial wallets, where funds are held in stablecoins rather than traditional bank accounts. This removes the need for multiple banking integrations and simplifies cross border transactions.
Altitude Gains Early Traction
Since its public launch in December, Altitude has already processed more than $200 million in payments. The platform is being used by exporters, global agencies, crypto native firms, and remote teams handling cross-border payroll and vendor payments.
The system enables 24/7 transactions, positioning itself as a modern alternative to slow and fragmented banking rails. Businesses can manage treasury operations, automate workflows, and execute payments globally without relying on legacy financial infrastructure.
Matthew Beck, head of Solana Ventures, highlighted the broader impact, stating:
Built on Solana Infrastructure
Squads is widely recognized for its multisignature smart account technology, which is already used across the Solana ecosystem. Its tools allow organizations to manage funds securely with features like granular permissions and spending controls.
Altitude builds on this foundation by offering:
- Secure treasury management with multi signature approvals.
- Compliance systems including anti money laundering checks and sanctions screening.
- Integration with payment providers like Bridge and MoonPay for global reach.
These features aim to address common concerns around security and compliance, which have slowed stablecoin adoption among businesses.
Market Context and Outlook
The funding comes at a time when Solana continues to position itself as a high speed, low cost blockchain for financial applications. As of now, Solana’s price remains in a consolidation range, with markets viewing developments like the Squads funding as a long term positive signal rather than an immediate catalyst.
The real test for Squads will be whether Altitude can continue to grow transaction volumes and attract more businesses to operate entirely on stablecoins. Increased adoption could drive higher on chain activity, benefiting the broader Solana ecosystem.
CoinLaw’s Takeaway
In my experience, this move by Squads feels like a serious step toward replacing traditional banking layers, not just experimenting with crypto payments. I found the Altitude model particularly interesting because it removes many of the friction points businesses face today with cross-border transactions.
If Squads can keep up this growth and maintain strong compliance standards, it could quietly become one of the most important financial infrastructure players in the crypto space. The $200 million processed already shows this is not just a concept, it is being used in the real world.
