Squads launches Altitude, receives investment from Haun Ventures

PANews announced on May 15 that according to Blockworks, the developer of the Solana Ecosystem Multi-Signature Protocol, Squads, has implemented Altitude – an enterprise-grade stablecoin account service, which allows companies to open and manage USD accounts directly on the blockchain, completely surpassing the traditional banking system. Squads CEO, Stepan Simkin, introduced the service based on smart contracts with three core advantages: fund ownership, programmability, and transparency.

The highlight of the Altitude service is that business users do not need to rely on traditional banks or physical institutions in the United States. All funds will be managed by on-chain smart contracts. The project has received strategic investment from Haun Ventures, however, the specific amount has not been disclosed. Simkin shared the idea for the project that began a year ago, when he predicted that the global adoption of stablecoins would accelerate. Now officially launched, the team intends to develop a stable group of enterprise users for one year and focus on promoting the practical application of blockchain technology in general in the field of institutional payments.

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