Alameda Analysis, a cryptocurrency buying and selling agency based by crypto billionaire Sam Bankman-Fried, has led a $35 million funding within the automated crypto buying and selling 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 trade and BitDAO.
The brand new funding will reportedly assist Stacked develop its 40-person group to over 100 staff in 2022 and proceed scaling its suite crypto portfolios and automatic lending merchandise.
In response to Alameda Analysis Ventures’ associate Brian Lee, Alameda began investing in Stacked over a yr in the past and is now certain about their capability to supply a “distinctive and easy funding expertise for retail buyers.”
“The flexibility to offer customers some guardrails when constructing a portfolio, whereas additionally permitting that consumer to custody funds on their most popular trade is one thing buyers actually need,” Lee famous.
Launched in April 2020, Stacked is a web-based software permitting customers to entry vetted buying and selling methods and funding portfolios through pre-built stacks, that are modeled after well-liked crypto indexes, hedge funds and different investor portfolios. The platform plans to go absolutely cellular inside six months.
In response to Stacked co-founder and CEO Joel Birch, stacks together with decentralized finance (DeFi) cash are among the many hottest on the platform. In response to Stacked’s information on the time of writing, nonfungible token (NFT)-based stacks are the top-performing stacks, together with a mix of large- and small-cap cash offering publicity to NFT markets.
Stacked’s chief income officer Alan Eschweiler confused the significance of main corporations backing the agency. “It’s no accident that two of the most important exchanges within the crypto area co-lead this funding spherical. These exchanges, and others, have been key companions of ours since day one, introducing their customers to extra automated instruments for investing,” he mentioned.
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The information comes as Bankman-Fried’s trade FTX isreportedly trying to elevate $1.5 billion for its international cryptocurrency derivatives trade 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.
