Stacked, a self-described “platform that connects to your exchange accounts and allows you to instantly access vetted trading strategies and investment portfolios,” has just received $1 million in seed financing after an early-round and the “success” of its beta this January, according to a press release from the group.
Some of that pre-seed money is from Mediatech LTD, who are planning to increase their invested funds due to this success. Others, such as the investment firm Coinfund, are getting involved as well.
Alameda Ventures, a firm that manages over $100mm in assets and even trades more than $1.5 billion a day, is also putting money in. Speaking on the matter is the CEO at FTX, one of the partners of Alameda, Sam Bankman-Fried, who said:
“We’re excited about Stacked because they’ve removed the complexity of automating crypto investing & trading. With a beautiful user experience at its core, experienced and new traders alike will have no difficulty deploying strategies from a wide range of algorithms or passively managing funds through the index products.”
This money will go toward creating a new algorithm that should “take minutes, not hours or days, to set up,” the release concludes.