Stacked Completes $35 Million Funding Round

| Updated
by Babafemi Adebajo · 2 min read
Stacked Completes $35 Million Funding Round
Photo: Depositphotos

Partner at Alameda Research Ventures, Brian Lee, noted that Stacked was a “unique and simple investment experience for retail investors.”

Crypto trading app Stacked has completed its Series A funding round. Previously, the Chicago-based company raised $1 million in its seed round in September 2020. Now, it has raised a total of $35 million.

Alameda Research and Mirana Ventures co-led the funding round for the crypto startup. Other investors and partners in the funding round are Alumni Ventures, DRW Venture Capital, Fidelity International Strategic Ventures, and Jump Capital.

According to reports, the new funds will be used to expand the workforce to over 100 employees within the coming year. It also plans to spend money on its scaling efforts by investing in user acquisition, growth, and marketing and improving its automated lending products.

Stacked Funding

Stacked launched in April 2020 as a web-based application that’ll allow users to access tested trading strategies and investment portfolios via pre-built stacks. These pre-built stacks model portfolios of crypto indexes, hedge funds, and other investors. The platform plans to go fully mobile within six months.

So far, it has automated more than $10 billion in crypto-related transactions for investors numbering in the tens of thousands in Just 2021 alone. Also, the US Securities & Exchange Commission (SEC) granted the company a secured status as a registered investment advisor (RIA) this summer. This was done in advance to widen its product offerings while securing the assets.

Partner at Alameda Research Ventures, Brian Lee, noted that Stacked was a “unique and simple investment experience for retail investors.”

According to Stacked co-founder and CEO, Joel Birch, the uniqueness is in that all of its products are available to all retail investors. This availability does not take cognizance of their accreditation and allows retail investors to keep custody of their assets.

NFT Stacks Are the Best Performing

Another point of uniqueness is that Stacked doesn’t replace any brokerage accounts users may have already. Rather, Stacked acts as a layer on top of the existing crypto brokerage account.

The company offers a diversity of pre-built investment portfolios called stacks. These stacks are designed using a risk score assigned to each user after a suitability assessment.

With NFTs fast disrupting the cryptocurrency ecosystem, it is no surprise that NFT-based stacks are the top-performing stacks on the platform. Joel Birch revealed this. He also noted that while NFT stacks are the best performing, decentralized finance (DeFi) coin stacks are the most popular.

Blockchain News, Business News, Cryptocurrency News, Investors News, News
Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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