PANews reported on May 15th that according to Blockworks, Squads, a multi-signature protocol developer in the Solana ecosystem, announced the launch of Altitude, an enterprise-level stablecoin account service. This service allows enterprises to directly open and manage USD accounts on the blockchain, completely bypassing the traditional banking system. Stepan Simkin, CEO of Squads, introduced that the service runs on smart contracts and can ensure three core advantages: fund ownership, programmability, and transparency. The most prominent feature of the Altitude service is that enterprise users no longer need to rely on traditional banks or US entities, with all funds being custodied by on-chain smart contracts. The project has currently received strategic investment from Haun Ventures, with the specific amount yet to be disclosed.
Simkin revealed that the project's conception began a year ago, anticipating the accelerated global application of stablecoins. Now that it is officially launched, the team plans to spend a year establishing a stable enterprise user base, focusing on promoting the practical application of general blockchain technology in institutional payments.
