Squads Labs, the developer of Solana-based multisig protocol Squads, has raised $5.7 million in a strategic funding round led by Placeholder VC, with participation from Multicoin Capital, Solana Ventures, Jump Crypto, and others. The round brings the firm's total funding to $12.5 million. Squads is a multisig protocol that helps crypto firms secure and manage their digital assets on-chain, and it has helped secure over $500 million in assets for over 100 clients since launching in 2021. With fresh funding, Squads plans to enhance its offering and launch its retail-facing iOS product later this year.