Crypto Trading App Stacked Raises $35M in Series A
- The company plans to double its 40-person team in 2022, as well as continue scaling its crypto portfolios and automated lending products.
- Stacked plans to grow its popularity, and reach $1 billion in assets under management, by going fully mobile in the next six months.
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Crypto investment platform Stacked has closed a $35 million Series A funding round co-led by Alameda Research and Mirana Ventures, TechCrunch reported on 6 December.
According to the publication, participating in the funding round were venture capital firms such as Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures, and Jump Capital. Stacked plans to use its newly acquired funds to more than double its 40-person team in 2022, as well as to continue scaling its crypto portfolios and automated lending products. The CEO and co-founder of Stacked, Joel Birch, said in a statement:
“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.”
Founded in 2020, the Chicago-based company provides users with a web-based application that enables them to automate their crypto investing experience through pre-built trading strategies and investment portfolios. The platform — which has been registered with the SEC as an investment advisor since June 2020 — also its users to connect to multiple crypto exchange accounts from one place, simplifying their portfolio management.
Stacked claims to have automated more than $10 billion worth of transactions in 2021, and to have over $100 million in user funds connected to its portfolio management system. In order to grow its assets under management to over $1 billion in 2022, the platform plans to go fully mobile within the next six months.
- The IRS filed its claims against FTX under the “Admin Priority” classification, which could allow it to supersede the claims of other creditors in the bankruptcy case.
- The largest of the claims is against Alameda Research LLC, with the IRS claiming around $20 billion in partnership taxes and close to $400 million in payroll taxes.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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- The assets were discovered and frozen during an investigation to identify any FTX and Alameda-related transactions on OKX, which was launched shortly after their collapse.
- The Seychelles-based also announced plans to expand its crypto services in Australia, and open a regional office in the country in the coming months.
- Former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty for their involvement in FTX defrauding customers and investors.
- Ellison has entered into a plea agreement with the SDNY, which will not prosecute her for most of her crimes if she cooperates with their investigation into SBF and FTX.