Stacked Completes $35 Million Series A Funding

Crypto trading app, Stacked has successfully completed a $35 million investment round. According to the official announcement of the startup on Monday, the round was co-led by Sam Bankman-Fried’s Alameda Research — a cryptocurrency trading company, and Mirana Ventures — Bybit exchange’s venture partner. The series A funding round also had in participation, Alumni Ventures, Jump Capital, DRW Venture Capital, and surprisingly, the venture capital department of Fidelity International, which has not really been participating in such since investing $14 million in an Hong Kong crypto exchange last year.

Stacked Planning To Expand Its Workforce

Stacked is a web-based app that was launched in April 2020. The app enables users to have access to investment portfolios and trading strategies through pre-built stacks. Although before this time, the company had only been enjoying the strength of a 40-person team. But with this new funding, Stacked is reportedly looking to expand its workforce to over 100 employees come the year 2022, all whilst carrying on with scaling its many automated lending products and crypto portfolios.

Meanwhile, Alameda may have taken a keen interest in Stacked having been investing in the web-based app since over a year ago. As revealed by a certain Brian Lee — Alameda Research Ventures’ partner, his firm now believes, with all certainty, in the ability of Stacked to offer a seamless and unique investment experience for its retail investors.

Lee also spoke about how Stacked has the ability to help users navigate cautiously when building their portfolio, and also affording the users the opportunity to choose their preferred exchanges where they would love to custody their funds.

Although the app is completely web-based for now, reports claim that it is expected to go fully mobile within the next six months.

The news comes amid reports that FTX also looking to raise a total of $1.5 billion in funding for its FTX.US., which recently launched a marketplace for NFTs.

And according to a publication by The Information on December 3, the fund, if successfully raised, would bring the values of FTX and FTX.US to $32 billion and $8 billion, respectively.