US-based digital asset management platform Stackup has raised $4.2m in seed funding, led by venture capital firm 1kx, to enhance its offerings for crypto businesses.
Other participants in the funding round include Amino Capital, Digital Currency Group, Goodwater Capital, Soma Capital, and Y Combinator.
Stackup intends to use the investment to advance the development of its platform, which focuses on simplifying crypto operations for businesses.
The company has launched its direct banking integration feature, which addresses the fragmentation between traditional and crypto operations.
It allows businesses to connect their bank accounts to their Stackup wallet.
The integration enables seamless, non-custodial ACH transfers between bank accounts and wallets, streamlining payment workflows without relinquishing asset control to third parties.
1kx’s Nichanan Kesonpat said: “Crypto businesses have largely struggled to address their operational needs due to the unique burden of managing assets on multiple chains.
“Stackup is addressing those critical pain points and enabling businesses to take control of their funds in one seamless, secure, and scalable platform.”
Founded in 2021, Stackup has significantly evolved by initially building wallet infrastructure for industry players like Coinbase and TrustWallet.
The experience has informed Stackup’s current model, providing a comprehensive digital asset management platform for businesses.
The platform offers centralised control over decentralised assets, enabling businesses to efficiently manage their operations.
In addition to the banking integration, Stackup has expanded its support for multiple blockchains, including Arbitrum, Avalanche, Base, BSC, Ethereum, Optimism, and Polygon.
It allows businesses to manage their multi-chain operations from a single platform, eliminating the need for separate wallets and manual asset bridging.
Stackup co-founder and CEO John Rising said: “Our mission at Stackup is to provide businesses with the tools they need to manage their digital assets with the same level of efficiency and control they expect from traditional financial systems.
“This funding gives us the ability to eliminate operational inefficiencies that have historically hindered the adoption and growth of this industry.
“We’re empowering businesses to streamline their financial operations and workflows, allowing them to focus on growth without compromising on security or control of their assets.”
