Investing in @SquadsProtocol We’re thrilled to announce our strategic investment in Squads. Programmable money is one of the most promising products enabled by crypto. Blockchains turn money into a dynamic, internet-native tool that can move globally, instantly, and under precise, programmable rules. Programmable money opens an endless set of possibilities for payments and money management. Automated payroll, conditional escrow, and bespoke treasury management strategies are just a few of the many tangible examples that exist today. Beyond today’s use cases, the potential for programmable money is vast – it’s the foundation for a new, global financial layer that is fast, automated, and globally accessible to anyone on the internet. It’s never been a better time to build programmable money applications. Stablecoin adoption continues to grow rapidly, with enterprise and remittance use cases leading the charge. As of April 2025, stablecoins processed $37 trillion of annual transaction volume. Simultaneously, crypto custody infrastructure is becoming increasingly secure and easy to use, managing hundreds of billions of dollars worth of value. Squads has been pushing the frontier of programmable money since inception. I first met @SimkinStepan, CEO and co-founder of Squads, in 2022 as Squads was just getting started. Fast forward three years to today, and they boast almost every major Solana project as a customer, help secure over $10 billion of assets, and have processed over $3 billion in stablecoin transfers. Almost every one of their customers I’ve spoken with considers Squads a “must have”. Squads offers three distinct products all powered by Squads Protocol: Squads Multisig, a multi-sig wallet that enables teams to manage onchain funds and execute program upgrades. Fuse, a consumer wallet that provides access to a USD financial account, complete with yield, payments, and card functionality out of the box. Importantly, anyone around the world can access this product, not just U.S. residents. Altitude, a financial account for business that offers any business around the world a USD financial account with out of the box yield, payments, and soon, corporate cards. What’s most impressive about Squads is how they balance pushing the frontier with extremely high security standards. Squads Protocol takes security so seriously that they were the first program on Solana to be formally verified. Squads’ robust security posture is the reason why almost every Solana project and more than $10 billion of assets remain on Squads Protocol today. Simultaneously, Squads constantly pushes the frontier of programmable money. This mentality is what drove the team to build Fuse and Altitude, each for a different audience. This team is relentless in their mission to enable programmable money, and we’re excited to support them in their next chapter.