Squid Expands Cross-Chain Swap Capabilities with Axelar Network Partnership
Squid, a decentralized exchange network, has partnered with Axelar Network and adopted the Cosmos Inter-Blockchain Communication (IBC) protocol to enhance its token swap capabilities. Previously, transferring assets between EVM and Cosmos blockchains was challenging due to their compatibility issues. However, Squid aims to address this problem by leveraging Axelar’s General Message Passing (GMP) technology and the IBC protocol. This combination allows for the seamless transfer of tokens and smart contract logic between the Cosmos and EVM ecosystems. Squid’s co-founder, Fig, believes that this partnership and improved interoperability will lower the barriers to economic collaboration between these two blockchain ecosystems.
Squid Raises $3.5 Million in Seed Funding
Squid recently secured $3.5 million in a seed funding round led by North Island Ventures. This investment will support the development of Squid’s cross-chain swap protocol and further enhance its capabilities. The funding will also contribute to the expansion of Squid’s network and ecosystem, enabling more seamless and efficient token swaps between different blockchains.
Hot Take: Squid’s Partnership with Axelar Network Boosts Cross-Chain Swaps
Squid’s collaboration with Axelar Network and adoption of the Cosmos IBC protocol mark a significant milestone in the world of cross-chain swaps. By leveraging Axelar’s technology and the IBC protocol, Squid has overcome the compatibility challenges between EVM and Cosmos blockchains. This partnership not only enhances Squid’s token swap capabilities but also promotes interoperability and economic collaboration between these two ecosystems. With the recent seed funding, Squid is well-positioned to further develop its cross-chain swap protocol and expand its network, facilitating seamless asset transfers across different blockchains.
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