Alameda Research, a cryptocurrency trading company founded by a cryptocurrency billionaire Sam Bankman-Fried, Led the US$35 million investment in Stacked, an automated crypto trading application.

On December 9, the startup officially announced that it had successfully completed the Series A financing jointly led by Alameda and Mirana Ventures. Mirana Ventures is a venture capital partner of Bybit Exchange and BitDAO.

According to reports, this new funding will help Stacked grow its 40-person team to more than 100 employees in 2022, and continue to expand its suite of encryption portfolios and automated lending products.

According to Brian Lee, a partner at Alameda Research Ventures, Alameda started investing in Stacked more than a year ago and is now convinced that they have the ability to provide retail investors with a “unique and simple investment experience.”

“The ability to provide users with some guardrails when building a portfolio while allowing users to host their funds on their preferred exchange is what investors really need,” Lee points out.

Launched in April 2020, Stacked is a web-based application that allows users to access vetted trading strategies and portfolios through pre-built stacks, which are based on popular crypto indices, hedge funds, and other investor portfolios. Model. The platform is planned to be fully mobile within six months.

According to Stacked co-founder and CEO Joel Birch, stacks including decentralized finance (DeFi) tokens are one of the most popular stacks on the platform. According to Stacked’s data at the time of writing, the stack based on non-fungible tokens (NFT) is the best performing stack, including a mix of large-cap and small-cap coins that provide exposure to the NFT market.

Alan Eschweiler, Stacked’s chief revenue officer, emphasized the importance of large companies supporting the company. “It is not accidental that the two largest exchanges in the crypto space jointly led this round of investment. These exchanges and other exchanges have been our important partners since day one, introducing more automated investment tools to their users. ,”He said.

related: FTX releases encryption regulatory proposal before U.S. Congressional hearing

When the news came out, Bankman-Fried’s exchange FTX was It is said that Hope to raise US$1.5 billion for its global cryptocurrency derivatives exchange and US subsidiary FTX.US. Technology-focused publication The Information Report On December 3, the new fundraising will make FTX and FTX.US valued at US$32 billion and US$8 billion, respectively.