Stacked, a crypto investing platform designed to help people monitor all their accounts, has reportedly raised $35m in funding.
The investment was co-led by Alameda Research and Mirana Ventures, according to a report from TechCrunch. Additional support came from Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures and Jump Capital.
With the capital, Stacked plans to double its 40-person team within the next eight months. It will also be used to bolster its user acquisition, growth and marketing efforts.
Based in Chicago-based Stacked provides individuals with a platform to manage their crypto assets and instantly invest into pre-built portfolios and strategies from leading hedge funds and traders.
The platform, which is currently free to use, boasts automatic rebalancing and the ability to backtest any portfolio instantly. In the coming months, Stacked plans to launch a feature that would let the user copy any strategy template and customise it to meet their needs.
The company’s co-founder and CEO Joel Birch told TechCrunch that Stacked is planning to move away from simply automating investment strategies. It hopes to provide customers with an investment platform that has structured products, such as risk-adjusted portfolios and can give advice tailored to each person.
Crypto trading is becoming more popular and accessible. Last week, a pair of FinTech companies aimed at the sector closed funding rounds. Okcoin secured $1m to help boost diversity and inclusivity within the crypto space, while TabTrader raised $5.8m to expand the reach of its mobile-based trading service.
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