Former SpaceX Manager Secures $4.2 Million in Seed Funding for Blockchain-Based Business Operations Company
Culver City-based startup Stackup has recently launched its business operations platform on Avalanche, a fast, reliable, and cost-effective layer-1 blockchain popular among businesses. The platform, which was founded by John Rising and Hazim Jumali in 2021, aims to streamline and secure crypto asset management for businesses operating across multiple blockchains.
Stackup's main goal is to prevent catastrophic on-chain failures, a common challenge faced by crypto companies. The platform achieves this through its innovative use of account abstraction technology. This technology simplifies complex blockchain operations by automating key management and transaction processes, replacing traditional private keys and hardware wallets with more secure and user-friendly authentication methods.
With Stackup, businesses can manage their multi-chain operations seamlessly and securely from a single interface. The platform supports major blockchains such as Ethereum, Base, Arbitrum, Optimism, Polygon, Avalanche, and Binance Smart Chain (BSC), enabling businesses to move assets across these chains without the hassle of separate wallets or external bridges.
The account abstraction technology allows businesses to:
1. Manage decentralized assets with centralized control, eliminating the chaos and administrative burden of traditional crypto wallets. 2. Automate multi-chain asset transfers without the need for manual, error-prone bridging. 3. Integrate crypto wallets directly with traditional banking workflows for seamless, non-custodial ACH transfers. 4. Ensure enterprise-grade security with adaptive features to prevent operational errors and security vulnerabilities.
Stackup's launch on Avalanche marks a significant step towards helping businesses avoid catastrophic failures. The company's CEO, John Rising, a former SpaceX manager, expressed his excitement about the launch, stating that businesses can now manage their on-chain operations with the same level of sophistication they expect from traditional finance on Avalanche.
The platform offers features such as spending limits for accounts, specifying who can receive funds, and reviewing transactions in bulk before sending. Stackup has also raised $4.2 million in a seed round, led by 1kx, with participation from Y Combinator, Digital Currency Group, and others.
Hazim Jumali, the CTO of Stackup, is an Ethereum Foundation grantee, bringing valuable experience in the crypto space to the team. Stackup's account abstraction technology also allows users to create self-custody wallets as programmable smart contracts on Ethereum.
In essence, Stackup's account abstraction technology tackles the critical pain points of crypto businesses by providing a scalable, secure, and simple way to handle complex blockchain operations, thereby preventing operational mishaps that could otherwise cause significant financial losses or operational disruptions.
- Stackup's recently launched platform on Avalanche, with its innovative use of account abstraction technology, aims to provide resources for businesses operating in the finance and technology sectors, enabling them to manage decentralized assets with centralized control and automate multi-chain asset transfers, thereby enhancing the security and efficiency of their crypto asset management.
- As the CEO of Stackup, John Rising envisions the platform to revolutionize the way businesses handle their on-chain operations, by offering features such as spending limits, secure authentication methods, and seamless integration with traditional banking workflows, making it possible for businesses to operate with the same level of sophistication in finance on Avalanche as they expect in traditional finance.
