Alameda Research leads $35M fund raise for crypto trading app Stacked
Read the full article by Helen Partz here
Key Points:
Launched in April 2020, Stacked is a web-based app allowing users to access trading strategies via pre-built stacks.
The cryptocurrency trading firm founded by crypto billionaire Sam Bankman-Fried, has led a $35 million investment in the automated crypto trading app Stacked.
On Dec. 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 Bybit exchange and BitDAO.
According to Alameda Research Ventures’ partner Brian Lee, Alameda started investing in Stacked over a year ago and is now sure about their ability to provide 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 noted.
According to Stacked co-founder and CEO Joel Birch, stacks including decentralized finance (DeFi) coins are among the most popular on the platform. According to Stacked’s data at the time of writing, nonfungible token (NFT)-based stacks are the top-performing stacks, including a mixture of large- and small-cap coins providing exposure to NFT markets.
The news comes as Bankman-Fried’s exchange FTX is reportedly looking to raise $1.5 billion for its global cryptocurrency derivatives exchange and U.S. affiliate FTX.US. Tech-focused publication The Information reported Dec. 3 that the new fundraise would value FTX and FTX.US at $32 billion and $8 billion, respectively.