Squads Launches Altitude, A Stablecoin-Native Account For Businesses

Squads, a company that developed a multisig protocol on Solana, has announced the launch of Altitude, a stablecoin-native account designed for businesses. This account allows companies to open and fund a dollar account without relying on traditional banks or a US entity. Squads CEO Stepan Simkin described the stablecoin-native account as one that exists on a centralized blockchain, ensuring true ownership, programmability, and transparency as long as the blockchain is operational.

In conjunction with the launch of Altitude, Squads has secured a strategic investment from Haun Ventures. Although the exact figures of the investment were not disclosed, this partnership underscores the growing interest and potential in the stablecoin market. Simkin emphasized that the development of Altitude is not merely a response to the current hype around stablecoins but rather a culmination of discussions and planning that began roughly a year ago, following his initial meeting with Chris Ahn from Haun Ventures two years prior.

Looking ahead, Simkin envisions Altitude becoming a reliable tool for real businesses to manage their financial operations within a year. He believes this goal is achievable given the current technological advancements and the increasing global adoption of stablecoins. Simkin's broader vision for Squads is to shift the focus towards making general-purpose blockchains functional for institutions and payments, rather than launching on various chains and creating a segregated system.