Chicago-based Stacked is a web-based platform that offers passive investment tools to let retail investors with an interest in crypto. In a recent development, the company just announced that it has picked up $35 million in a Series A funding round.
The investment round was led by Alameda Research, which is a crypto trading firm owned by Sam Bankman-Fried, the founder of FTX alongside Mirana Ventures, the Bybit and BitDAO partner. Also, DRW Venture Capital, Fidelity International Strategic Ventures, Jumo Capital and Alumni Ventures participated in the round.
Previously, Stacked raised $1 million seed funding in September last year and the overall funding raised by the company accounts for $40 million. Prior to the seed round, the company successfully launched its bot marketplace out of beta.
Stacked will use the proceeds of this round to double its team of 40 right now in the coming months. Also, it will focus on marketing, user acquisition and growth.
Largest SEC-registered automated advisor
Stacked, the automated cryptocurrency investment platform was founded by Joel Birch and Stephen Beavis in 2019 for everyone. Its co-founder Birch landed a job at Grubhub and worked along with data scientists, engineers, as well as, business operations professionals. He learned about bitcoin in 2015 and started working on ideas to start a business in this segment. Later, he connected with co-founder Beavis and started Stacked.
As of now, Stacked has automated more than $10 billion worth of transactions for new several thousands of new investors this year. Also, it is RIA (registered investment advisor) with the US Securities & Exchange Commission this year as it prepares to widen its portfolio. While Stacked is the largest SEC-registered automated advisor for cryptocurrency and digital assets, it is yet to get the approval for a crypto ETF for trading within the US.
Smart, automated crypto investments
Stacked is a smart and automated crypto investments platform connects the exchange accounts and lets users instantly access successful investment portfolios and trading strategies. Stacked makes it possible for users to manage long-term investments using trading bots. It offers a plethora of automated strategies while retaining a simple user interface.
It offers products called stacks that are based on the risk score assigned to each user post assessing their suitability. These pre-built Stacks are meant to provide users with instant access to portfolios designed after the most popular hedge funds, crypto indexes, and other investor portfolios.
Stacked has partnered with reputed exchanges worldwide such as Binance, FTX and Coinbase. Also, exchanges are interested in supporting Stacked as its users are active on the exchanges for a longer time than the average.
The cryptocurrency investment platform earns by charging a fee on transactions in its open marketplace. Investors can use the exchange to purchase strategies that are designed by experienced influencers and traders in the cryptocurrency space.