PANews reported on May 15 that according to Blockworks, Solana Ecosystem Multi-Signature Protocol developer Squads announced the launch of Altitude, an enterprise-level stablecoin account service that allows companies to open and manage US dollar accounts directly on the blockchain, completely bypassing the traditional banking system. Squads CEO Stepan Simkin introduced that the service is based on smart contracts and can ensure the three core advantages of fund ownership, programmability and transparency. The most prominent feature of the Altitude service is that corporate users no longer need to rely on traditional banks or US physical institutions, and all funds will be managed by on-chain smart contracts. The project has currently received strategic investment support from Haun Ventures, and the specific amount has not yet been disclosed.
Simkin revealed that the idea of this project began a year ago, when it was foreseen that the global application of stablecoins would accelerate. Now that it is officially launched, the team plans to use one year to build a stable corporate user group and focus on promoting the practical application of general blockchain technology in the field of institutional payments.
