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Quick take:
Stackup co-founder and CEO John Rising believes his company can help businesses avoid “catastrophic failures”.
The company aims to give businesses centralised control using “account abstraction”.
Based in Los Angeles, Stackup previously built “account abstraction” technology for the likes of Coinbase and Trust Wallet.
Stackup, a business operations platform for crypto companies, 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 just weeks after Stackup launched on Avalanche.
Founded by CEO John Rising, a former SpaceX manager and CTO Hazim Jumali, an Ethereum Foundation grantee, Stackup aims to help on-chain businesses avoid “catastrophic failures” through account abstraction.
Account abstraction allows users to create self-custody wallets as programmable smart contracts on Ethereum. Stackup is leveraging the technology to give businesses “centralised control of decentralised assets.”
Stackup plans to use the fresh capital to further develop its platform, having already built account abstraction technology for leading crypto companies Coinbase and Trust Wallet.
According to Rising, Stackup supports a variety of features needed in business operations, including spending limits for accounts, the ability to specify who can receive funds, and reviewing transactions in bulk before clicking to send.
The platform also supports connecting bank accounts with wallets, enabling seamless transfers, with the main goal being to prevent catastrophic on-chain failures, Rising said.
Stackup chose to build on Avalanche because of the layer-1 blockchain’s popularity among businesses.
“Avalanche has become the go-to blockchain for businesses that need fast, reliable, and cost-effective operations. Now, those businesses can manage their on-chain operations with the same level of sophistication they expect from traditional finance,” the Stackup team wrote in a statement when announcing the launch on June 9.
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