Home News Crypto investment platform Stacked raised $35M

Crypto investment platform Stacked raised $35M

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The Stacked automatic investment service in digital currencies has raised $35 million following the results of the Series A funding round. Alameda Research and Mirana Ventures led the round, writes The Block.

Fidelity International Strategic Ventures, DRW Venture Capital, Alumni Ventures and Jump Capital also participated in the round.

In June, the U.S. Securities and Exchange Commission (SEC) approved Stacked’s work as a registered investment advisor (RIA).

Increasing the volume of client funds from more than $100M to $1B

The Chicago-based startup intends to expand the number of employees from 40 to 100. Moreover, to fully deploy the functionality of the mobile application in the next six months.

According to the firm, through the so-called “stacks”, ready-made portfolios of digital assets; in 2021 the firm processed more than $10 billion in crypto transactions for “tens of thousands of investors”. Stacked implements this feature by connecting to one of the partner crypto exchanges.

Furthermore, the company has set a goal in 2022 to increase the volume of client funds from more than $100 million to $1 billion.

Opening access to cryptocurrency funds to clients

Earlier in July, the American automated investment service firm Wealthfront with assets of $25 billion opened access to cryptocurrency funds from Grayscale Investments to clients. Wealthfront clients can add Grayscale Bitcoin Trust (GXT) and Grayscale Ethereum Trust (THE) units to their portfolios.

The company stressed that cryptocurrencies are more volatile compared to most exchange-traded funds (ETFs). Therefore, up to 10% of the total value of the user’s assets is allowed to invest in trusts.

In December, investment advisor Ritholtz Wealth Management and management company WisdomTree investments announced the launch of the crypto index. Investment consultants will recommend this structure through the onRamp platform. In addition, the structure will provide an opportunity to invest in leading digital assets, decentralized finance (DeFi) tokens, metaverses, oracles and L2 protocols.

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