Stacked, a crypto investing platform has secured $35 million in a new fundraising round (roughly Rs. 263 crores). Alameda Research, a quantitative cryptocurrency trading business, and Mirana Ventures, a crypto-startup investment firm, lead the financing round.
Fidelity International’s venture capital arm, DRW Venture Capital, Alumni Ventures, and Jump Capital were among the firms that took part in this fundraising round. Stacked intends to use the funds acquired to grow its 40-person workforce and introduce risk-adjusted cryptocurrency portfolios for non-accredited investors in 2022.
“In the very near future, we’re going to continue to evolve our platform away from automating strategies and giving people this easy investment platform into actually offering structured products like risk-adjusted portfolios and giving curated investment advice to individuals based on their risk tolerance,” Joel Birch, the founder and CEO of Chicago, US-based Stacked, was quoted as saying in a report by TechCrunch.
Stacked has successfully raised funds in a financing round for the second time in three months. After an investment round in September, the firm added $1 million (approximately Rs. 7.5 million) to its account.
Customers may access pre-built investment packages from hedge funds, asset managers, and indexes through Stacked, which launched in 2020. Customers can also obtain investing advice based on their financial objectives.
This year, Stacked claims to have automated over $10 billion (approximately Rs. 75,352 crores) in transactions for thousands of new investors.
Several crypto-related startups have obtained money from venture capital firms in recent months, reflecting a generally positive attitude toward the crypto field.
In October, for example, crypto trading platform WOO Network raised $30 million (approximately Rs. 223 crores) in a Series A fundraising round from a number of investors.
Candy Digital, a US-based non-fungible token (NFT) business, raised $100 million (approximately Rs. 747 crores) in a Series A fundraising round headed by private equity companies Insight Partners and Softbank Vision Fund 2 in the same month.
In the meantime, the crypto market is rapidly expanding on a global scale.
According to market research firm CoinGecko, the global value of the crypto industry just topped $3.007 trillion (approximately Rs. 2,22,79,296 crore).