Alameda Research leads a $35M investment round for a cryptocurrency trading platform.
Alameda Research, the cryptocurrency trading business established by crypto millionaire Sam Bankman-Fried, has led a $35 million investment in Stacked, an automated cryptocurrency trading program.
Alameda Research formally announced the completion of a Series A fundraising round co-led by Alameda and Mirana Ventures, a venture partner of Bybit exchange and BitDAO, on December 9.
The additional capital is expected to help Stacked expand its 40-person staff to over 100 workers by 2022, as well as continue developing its array of crypto portfolios and automated lending solutions.
Alameda Research Ventures partner Brian Lee stated that Alameda Research began investing in Stacked over a year ago and is now confident in their capacity to create a “unique and simple investment experience for retail investors.”. He added:
“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,”
Stacked, which was released in April 2020, is a web-based tool that allows users to access approved trading methods and investment portfolios through pre-built stacks that are fashioned after prominent crypto indexes, hedge funds, and other investor portfolios. Within six months, the platform intends 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 are the top-performing stacks, according to Stacked’s statistics at the time of writing, with a mix of large- and small-cap currencies offering exposure to NFT markets.
Alan Eschweiler, chief revenue officer of Stacked, emphasized the importance of significant corporations sponsoring the company. He added:
“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,”