- Stack, a startup focusing on building infrastructure for on-chain points, has successfully secured $3 million in seed funding.
- The funding round was led by Archetype, a venture firm, and witnessed participation from notable backers such as Coinbase Ventures, Scalar Capital, A.Capital, Balaji Srinivasan, and others.
In a recent funding milestone, on-chain points startup Stack secured $3 million in seed funding, spearheaded by venture firm Archetype. Noteworthy contributors to the round included Coinbase Ventures, Scalar Capital, A.Capital, along with key individuals like Balaji Srinivasan, Nadav Hollander, Henri Stern, Cooper Turley, and Colin Armstrong.
Stack is at the forefront of constructing on-chain points infrastructure, a crucial aspect of the evolving crypto landscape. The platform is designed to establish a robust framework for on-chain points, encompassing point allocations, leaderboards, and trustless token redemption.
Users have the flexibility to exchange their earned points for ERC-20 tokens, ether, or other assets. Stack’s core mission is to offer cost-effective and user-friendly on-chain points, discouraging any form of exploitation, such as “farming” – the misuse of a project’s financial system for personal gain.
Archetype Founder Ash Egan expressed enthusiasm about Stack’s pivotal role in the burgeoning application era for crypto. He emphasized Archetype’s commitment to supporting both consumer products and infrastructure during this phase of the crypto cycle.
Graeme Boy, CEO and Founder of Stack, shared his belief in the enhanced value and security that on-chain points bring to loyalty programs. Boy stated, “I believe that on-chain points add more value and security to loyalty programs and will drive faster consumer adoption for those applications, while reducing risk both for brands and consumers.” He highlighted the seamless alignment of point systems with the inherent strengths and use cases of blockchain technology.
The use of crypto points has been on the rise within the web3 industry, with projects distributing a substantial 115 billion points by February 17, as reported by The Block. Crypto points serve as a strategic tool to incentivize community engagement and introduce an element of gamification to projects, all while discouraging self-serving actions.
As Stack secures significant funding support, its mission to fortify on-chain points infrastructure contributes to the broader trend of integrating blockchain technology into loyalty programs and consumer engagement strategies.
In addition to offering basic tools for running point systems, Stack is introducing loyalty points as a onchain primitive. The SDK allows users to quickly incorporate Stack into an app. Typescript and Javascript versions of the SDK are available.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
