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Stack, a company developing on-chain points infrastructure, collected 3 million dollars in seed funding.
The venture company Archetype, Coinbase Ventures, Scalar Capital, A.Capital, Balaji Srinivasan, Nadav Hollander, Henri Stern, Cooper Turley and Colin Armstrong also led in the round.
Founder of Archetype, Ash Egan, said in a statement, “Stack is at the forefront and centre at the dawn of the application age for crypto. As we enter this stage of the cycle, Archetype continues its commitment and excitement in consumer products and infrastructure.”
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Stack creates the framework for assigning and tracking many points on-chain, including point assignments, leader boards, and trusted token usage.
Users can use their points for ERC-20 tokens, eth or other assets. Stack aims to provide more affordable and simpler on-chain points that discourage “farming” or abusing a project’s financial system for personal gain.
Stack CEO and Founder Graeme Boy said, “I believe that on-chain points add more value and security to loyalty programs and while enabling consumers to adapt faster to these applications, it will also reduce risk for both brands and consumers. Align point systems seamlessly with the natural strengths and use cases of Blockchains.”
According to previous research, crypto points have gained interest in the web3 industry with projects distributing 115 billion points by February 17. Crypto points are a way to encourage community participation and add a gamification layer to projects while trying to deter selfish actors.
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