Stacked is a crypto trading app that uses machine learning and AI to find the best coins for you. The company just raised $35M in one of the most active rounds of funding this year, with many investors coming from traditional investment firms.
Alameda Research has led a $35 million fund raise for the cryptocurrency trading app Stacked. Alameda is a blockchain company that specializes in decentralized exchanges, smart contracts and digital assets. Read more in detail here: alameda research investments.
The automated crypto trading software Stacked has received a $35 million investment from Alameda Research, a cryptocurrency trading business owned by crypto millionaire Sam Bankman-Fried.
On Dec. 9, the firm announced the successful conclusion of a Series A fundraising round co-led by Alameda and Mirana Ventures, a Bybit exchange and BitDAO venture partner.
According to reports, the additional money would help Stacked expand its 40-person staff to over 100 personnel by 2022, as well as scale its array of crypto portfolios and automated lending products.
Alameda Research Ventures partner Brian Lee says the firm began investing in Stacked over a year ago and is now confident in the company’s capacity to create a “unique and straightforward investment experience for retail customers.”
“The ability to provide consumers with some guardrails while still enabling them to custody assets on their chosen exchange is what investors truly need,” Lee said.
Stacked is a web-based tool that allows users to access approved trading methods and investment portfolios through pre-built stacks that are designed around prominent crypto indexes, hedge funds, and other investor portfolios. It was launched in April 2020. Within six months, the platform expects to be entirely mobile.
Stacks including decentralized finance (DeFi) currencies, according to Stacked co-founder and CEO Joel Birch, are among the most popular on the platform. Nonfungible token (NFT)-based stacks, which include a mix of large- and small-cap coins offering exposure to NFT markets, are the top-performing stacks, according to Stacked’s statistics at the time of writing.
Alan Eschweiler, Stacked’s chief revenue officer, emphasized the necessity of significant corporations supporting the company. “It’s no coincidence that two of the top cryptocurrency exchanges are leading this financing round. These and other exchanges have been major partners of ours from the beginning, providing their consumers to additional automated investment capabilities,” he noted.
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The news arrives at the same time as Bankman-conversation. Fried’s FTX is apparently trying to fund $1.5 billion for its worldwide bitcoin derivatives exchange and FTX subsidiary in the United States. The journal is based in the United States and focuses on technology. The new fundraising would value FTX and FTX.US at $32 billion and $8 billion, respectively, according to The Information on Dec. 3.
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Alameda Research has led a $35 million fund raise for Stacked, a crypto trading app. Alameda Research is the company’s investment arm and will be providing the capital to help grow the business. Reference: alameda research address.
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