Fuse, the smart account standard for multisignature and Solana Virtual Machines (SVM), has been launched by Squads Labs.
The Squads Protocol’s core contributor, who is also a blogger, noted on Monday that Fuse was the first smart wallet to be built on the Solana Blockchain.
Solana’s first smart wallet
TestFlight is now live on iOS devices, allowing users to download Fuse.
Smart accounts are used to redefine the user’s management of crypto assets. It reinvents the functionality of cryptocurrency wallets in order to meet users’ individual crypto asset management needs.
Squads Labs stated that “for the first time ever, Solana users will be able to access the same smart accounts technology as Solana’s biggest protocols, teams, and investors.”
Fuse allows users to tap into a wallet that provides dual-layered protection, which enhances wallet security. The wallet uses two primary keys or Active Keys.
Apple’s Face ID biometric authentication is protected by a “Device Key”, which stays on the user’s phone.
The “2FA Key”, on the other hand, ensures that all transactions are subject to two-factor authentication. Ledger can be upgraded to reset the 2FA key that Fuse sets to the user’s Apple iCloud.
The Squads team explained that requiring both methods of verification for every transaction helps eliminate the single point failure characteristic of traditional wallets.
Squads Labs receives $10 Million funding
As well as the news on Fuse, Squads Labs also announced it secured $10 million in a funding round led by venture capital firm Electric Capital.
The funding round also attracted the participation of major crypto venture firms, including Coinbase Ventures, Placeholder VC, L1 Digital and RockawayX.
Squads Labs also raised money from Mert Mumtaz, the co-founder and CEO of Helius, a Solana-based RPC platform.
The latest funding sees Squads Labs reach a total of $22.5 million across four rounds. It’s capital injection that Squads plans to plough into products like Fuse and a developer toolkit for SVM-compatible smart accounts.
