Alameda Research, a cryptocurrency trading agency based by crypto billionaire Sam Bankman-Fried, has led a $35 million funding within the automated crypto trading app Stacked.
On Dec. 9, the startup formally introduced the profitable completion of a Sequence A funding spherical co-led by Alameda and Mirana Ventures, a enterprise associate of Bybit change and BitDAO.
The brand new funding will reportedly assist Stacked develop its 40-person group to over 100 workers in 2022 and proceed scaling its suite crypto portfolios and automatic lending merchandise.
Based on Alameda Research Ventures’ associate Brian Lee, Alameda began investing in Stacked over a yr in the past and is now positive about their capacity to offer a “unique and simple investment experience for retail investors.”
“The ability to give users some guardrails when building a portfolio, while also allowing that user to custody funds on their preferred exchange is something investors really need,” Lee famous.
Launched in April 2020, Stacked is a web-based software permitting customers to entry vetted trading methods and funding portfolios by way of pre-built stacks, that are modeled after standard crypto indexes, hedge funds and different investor portfolios. The platform plans to go totally cellular inside six months.
Based on Stacked co-founder and CEO Joel Birch, stacks together with decentralized finance (DeFi) cash are among the many hottest on the platform. Based on Stacked’s knowledge on the time of writing, nonfungible token (NFT)-based stacks are the top-performing stacks, together with a combination of large- and small-cap cash offering publicity to NFT markets.
Stacked’s chief income officer Alan Eschweiler harassed the significance of main corporations backing the agency. “It’s no accident that two of the largest exchanges in the crypto space co-lead this investment round. These exchanges, and others, have been key partners of ours since day one, introducing their users to more automated tools for investing,” he mentioned.
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The information comes as Bankman-Fried’s change FTX is reportedly seeking to raise $1.5 billion for its international cryptocurrency derivatives change and U.S. affiliate FTX.US. Tech-focused publication The Info reported Dec. 3 that the brand new fundraise would worth FTX and FTX.US at $32 billion and $8 billion, respectively.