Alameda Research, a cryptocurrency trading company founded by billionaire Sam Bankman-Fried, has led a $ 35 million investment in automated cryptocurrency trading app Stacked.
On December 9, The startup officially announced the successful completion of a Series A funding round co-led by Alameda and Mirana Ventures, a venture partner of the exchange Bybit and BitDAO.
The new funding will reportedly help Stacked grow its team from 40 people to more than 100 employees by 2022. and to continue to scale its cryptocurrency portfolios and automated loan products.
According to Alameda Research Ventures partner Brian Lee, Alameda began investing in Stacked over a year ago and is now confident in its ability to provide a “unique and easy investment experience for retail investors.”
“The ability to offer users some margins of safety when creating a portfolio, while allowing that user to safeguard the funds on their preferred exchange is something that investors really need.” Lee pointed out.
Launched in April 2020, Stacked is a web-based application that allows users to access vetted investment portfolios and trading strategies through pre-built stacks, which are based on indices of popular cryptocurrencies, hedge funds, and other investor portfolios. The platform plans to go fully mobile within six months.
According to Stacked Co-Founder and CEO Joel Birch, Stacks that include decentralized financial currencies (DeFi) are among the most popular on the platform. Based on data from Stacked at the time of writing, Stacks based on non-fungible tokens (NFT) do the best, including a mix of large and small cap coins that provide exposure to the NFT markets.
Stacked’s chief revenue officer, Alan Eschweiler, stressed the importance of large companies supporting the firm. “It is no coincidence that two of the largest exchanges in the cryptocurrency sector co-lead this round of investment. These exchanges, and others, have been key partners with us from day one, introducing their users to more automated tools for investing,” he said.
The news comes at a time when which Bankman-Fried exchange FTX is trying to raise $ 1.5 billion for its crypto derivatives exchange and its US subsidiary FTX.US. Tech specialist publication The Information reported on December 3 that the new fundraiser would value FTX and FTX.US at $ 32 billion and $ 8 billion, respectively.
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