Alameda Research Leads $ 35 Million Fundraiser for Stacked Crypto Trading App

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Alameda Research, a cryptocurrency trading company founded by cryptocurrency billionaire Sam Bankman-Fried, has made a $ 35 million investment in the automated cryptocurrency trading app Stacked.

On Thursday, the startup officially announced the successful completion of a Series A funding round co-led by Alameda and Mirana Ventures, a partner of Bybit exchange and BitDAO.

The new funding would help Stacked grow its team from 40 to over 100 in 2022 and continue to evolve its cryptocurrency portfolios and automated lending products.

According to Brian Lee, partner of Alameda Research Ventures, Alameda started investing in Stacked over a year ago and is now confident in its ability to provide a “unique and simple investment experience for retail investors”.

“The ability to give users safeguards when building a portfolio, while also allowing that user to keep funds on their preferred exchange is something that investors really need,” noted Lee.

Released in April 2020, Stacked is a web-based application that allows users to access verified trading strategies and investment portfolios via pre-built stacks, which are modeled after crypto indices, hedge funds, and other popular investor portfolios. The platform plans to go fully mobile within six months.

According to Stacked co-founder and CEO Joel Birch, stacks that include Decentralized Funding Coins (DeFi) are some of the most popular on the platform. According to Stacked data at the time of writing, non-fungible token-based (NFT) stacks are the best performing stacks, including a mix of large and small cap coins offering exposure to the NFT markets.

Stacked Chief Revenue Officer Alan Eschweiler stressed the importance of large companies supporting the business. “It’s no coincidence that two of the biggest exchanges in the crypto space are co-leading this investment cycle. These exchanges, and others, have been key partners for us from day one, introducing their users to more automated investment tools, ”he said.

Related: FTX Releases Crypto Regulatory Proposals Ahead of US Congressional Hearing

The news comes as Bankman-Fried’s FTX exchange 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 on Friday that the new fundraiser would value FTX and FTX.US at $ 32 billion and $ 8 billion, respectively.

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