Alameda Research led a $35 million fundraise for the crypto trading app Stacked which was launched in April 2020 and allows users to access trading strategies via pre-built stacks so let’s read more today in our latest cryptocurrency news.
Alameda Research led a $35M fundraise for Stacked. The company is founded by crypto billionaire Sam Bankman-Fried and the new funding will help Stacked grow its 40-person team to over 100 employees in 2022 and will continue scaling the suit crypto portfolio and automated lending products. According to Alameda partner Brian Lee, the company started investing in Stacked over a year ago, and now it sure about the ability to provide a unique and simple investment experience for retail investors as Lee noted:
“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.”
Launched in April 2020, Stacked is a web-based app that allows users to access vetted trading investment portfolios and strategies via pre-built stacks which are modeled after crypto indexes, hedge funds, and other investor portfolios. The platform aims to go fully mobile in the next six months. According to Stacked co-founder and CEO Joel Birch, Stacks includes decentralized finance coins which are among the most popular on the platform, and according to the data of Stacked, NFT-based stacks are among the top-performing stacks that include a mixture of large and small-cap coins that provide exposure to the NFT markets. Stacked’s chief revenue officer Alan Eschweiler stressed the importance of the companies backing the company:
“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.”
The news came as Bankman-Fried’s exchange FTX is looking to raise $1.5 billion for the global derivatives crypto exchange and the FTX.US affiliate. The Tech-focused publication The Information reported that the fundraise will value FTX and fTX/USD at $32 billion and $8 billion respectively.
As recently reported, The latest discussion follows less than six weeks after FTX closed a Series B-1 Funding round where 69 investors including Tiger Global and BlackRock participated in the round. Investors valued the exchange at $25 billion according to FTX which marks a 39% jump over the Series B sticker price from July when it raised $900 million in crypto’s biggest venture capital funding. Bankman-Fried said at the time of writing that he is planning a series of acquisitions and more partnerships to bring FTX into more countries and gain more users.
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