Ex-SpaceX Manager Bags $4.2 M Seed Round for On-Chain Service Operations Start-up
The fundraising was led by 1kx, with involvement from Y Combinator, Digital Currency Group and others. The post Ex-SpaceX Manager Bags $4.2 M Seed Round for On-Chain Service Operations Start-up appeared first on NFTgators.
Quick take:
Stackup co-founder and CEO John Increasing believes his company can assist organizations avoid “disastrous failures”. The company intends to give services centralised control utilizing “account abstraction”. Based in Los Angeles, Stackup formerly developed “account abstraction” technology for the likes of Coinbase and Trust Wallet. Stackup, an organization operations platform for crypto business, has raised $4.2 million in a seed round led by 1kx, with participation from Y Combinator, Digital Currency Group and others. The announcement comes simply weeks after Stackup launched on Avalanche. Established by CEO John Rising, a former SpaceX supervisor and CTO Hazim Jumali, an Ethereum Structure grantee, Stackup intends to assist on-chain businesses avoid “catastrophic failures” through account abstraction. Account abstraction permits users to develop self-custody wallets as programmable clever agreements on Ethereum. Stackup is leveraging the technology to offer services “centralised control of decentralised properties.” Stackup plans to utilize the fresh capital to further develop its platform, having already developed account abstraction technology for leading crypto companies Coinbase and Trust Wallet. According to Increasing, Stackup supports a variety of functions required in service operations, consisting of costs limits for accounts, the ability to specify who can get funds, and examining transactions wholesale before clicking to send. The platform also supports connecting bank accounts with wallets, enabling smooth transfers, with the main objective being to prevent catastrophic on-chain failures, Rising said. Stackup chose to develop on Avalanche because of the layer-1 blockchain’s appeal among organizations. “Avalanche has become the go-to blockchain for services that require fast, dependable, and cost-efficient operations. Now, those services can handle their on-chain operations with the very same level of sophistication they get out of standard finance,” the Stackup team composed in a statement when announcing the launch on June 9. Remain on top of things: Subscribe to our newsletter using this link– we will not spam! Follow us on X and Telegram. The post Ex-SpaceX Manager Bags $4.2 M Seed Round for On-Chain Service Operations Start-up appeared first on NFTgators.
