Alameda Research is a cryptocurrency trading firm that was founded by billionaire Sam Bankman-Fried. It has led a $35 million investment in the automated crypto trading app Stacked.
The startup had 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 on December 9.
This new funding provided by Alameda Research will help Stacked grow its team to 100 employees from only 40, by 2022. It will also continue to scale its suite of crypto portfolios and automated lending products.
Alameda Research Provides Fund To Help Stacked Grow
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.”
He believes that the ability to provide users with guardrails when building a portfolio and allowing the user to custody funds on their preferred exchange is extremely beneficial for investors.
Stacked was launched back in April 2020 and is a web-based application allowing users to access vetted trading strategies and investment portfolios via pre-built stacks, which are modeled after popular crypto indexes, hedge funds, and other investor portfolios. The platform plans to go fully mobile within six months.
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.
This news comes as Bankman-Fried’s exchange FTX is looking to raise $1.5 billion for its global cryptocurrency derivatives exchange and US affiliate FTXUS Tech-focused publication The Information reported on the 3rd of December that the new fundraise would value FTX and FTX.US at $32 billion and $8 billion, respectively.