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In a fresh funding round, crypto investment platform Stacked has raised $35 million (roughly Rs. 263 crore). The investment round was led by quantitative cryptocurrency trading firm Alameda Research and crypto-start-up investment firm, Mirana Ventures. Other companies that participated in this funding round include the venture capital arm of Fidelity International, DRW Venture Capital, Alumni Ventures, and Jump Capital. Stacked plans on using the raised capital for expanding its 40-member team and launching risk-adjusted crypto portfolios for non-accredited investors in 2022.
“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,” a report by TechCrunch quoted Joel Birch, the founder and CEO of the Chicago, US-based Stacked as saying.
This is the second time in three months that Stacked has managed to gain capital in a funding round. Earlier in September, the company added $1 million (roughly Rs. 7.5 million) to its account after an investment round.
Launched in 2020, Stacked allows customers to access pre-built investment bundles from hedge funds, asset managers, and indices. It also lets customers get investment advice on the basis of their financial goals.
The company Stacked claims to have automated transactions of over $10 billion (roughly Rs. 75,352 crore) for thousands of new investors this year.
In recent months, several crypto-related companies have managed to raise funding from venture capital firms indicating towards an overall positive approach heading towards the crypto space.
In October, for instance, crypto exchange platform WOO Network bagged $30 million (roughly Rs. 223 crore) from various investors in a Series A funding round.
The same month, US-based non-fungible token (NFT) company called Candy Digital also secured $100 million (roughly Rs. 747 crore) in a Series A funding round co-led by private equity firms Insight Partners and Softbank Vision Fund 2.
Meanwhile, the crypto market is witnessing a rapid expansion on an international level.
Recently, the overall valuation of the crypto market reached $3.007 trillion (roughly Rs. 2,22,79,296 crore), as per market research tracker CoinGecko.