Stack, a startup developing on-chain point infrastructure, has raised $3 million in seed funding.
Venture firm Archetype led the round, with additional participation from Coinbase Ventures, Scalar Capital, A.Capital, Balaji Srinivasan, Nadav Hollander, Henri Stern, Cooper Turley and Colin Armstrong.
“Stack plays a key role in the launch of the cryptocurrency application era,” Archetype founder Ash Egan told The Block. “As we enter this phase of the cycle, Archetype remains committed and excited about our consumer products and infrastructure.”
Stack builds a framework to allocate and track points on-chain, including point allocation, leaderboards, and trustless token redemption. Users can redeem their points for ERC-20 tokens, eth, or other assets. Stack aims to provide cheaper and simpler on-chain points to prevent users from “farming” or abusing a project’s financial system for personal gain.
“We believe that on-chain points will add more value and security to loyalty programs and accelerate consumer adoption of these applications while reducing risk for both brands and consumers,” Stack CEO and founder Graeme Boy said in a statement. said. “It fits perfectly with blockchain’s unique strengths and use cases.”
Cryptocurrency points have gained popularity in the web3 industry, with the project offering 115 billion points by February 17, The Block previously reported. Crypto points are a way to add a level of gamification to a project while encouraging community participation and dissuading self-interested actors.
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