The former SpaceX manager raises $4.2 million from Crypto Platform Stackup

Stackup, a corporate-grade platform for managing business operations on the chain, said on Friday it had secured $4.2 million in seed funding.

Using funds to further develop the company’s platform, the Los Angeles-based company said it will develop more of its platform. Website.

Stackup’s Seed Funding Round was led by Venture Capital Firm 1KX and joined by Y Combinator and Digital Currency Group among three other companies.

Stackup was co-founded by CTO Hazim Jumali, grantee of the Ethereum Foundation, and CEO John Rising, former senior mission manager at Elon Musk’s SpaceX. In the overlap between cryptography and aerospace engineering, Rising said Decryption That accuracy is important.

Four months after he graduated from college, while working for Virgin Galactic, Rising stood next to the pilot’s family when the accident “smashed the car into the sky.” Despite extensive design and testing, the pilot lost his life.

“We spent so much time making sure the machine was fully functional, so we ignored the most important part of the system, that’s what humans are operating it,” Rising said. “Crypto builders tend to really think about security in terms of preventing unauthorized access when users actually need safety.”

Account AbstractionIt debuted on Ethereum’s mainnet in 2023, allowing users to create non-mandatory wallets as programmable smart contracts. Ethereum co-founder Vitalik Buterin once through features such as simple wallet recovery and unsigned transactions I said The goal is to try and create a Crypto wallet that is as simple as using email.

Account abstraction allows wallets with custom logic, so Rising Rising supports the features businesses need, such as account spending limits, the ability to specify who can receive funds, and reviewing large numbers of transactions before sending in a single click.

Among other features, Rising says the goal is stack-up to prevent catastrophic on-chain failures, including the ability to connect bank accounts to wallets for seamless transfers.

For an average SpaceX launch, there could be $60 million worth of cargo on the line, Rising said. Earlier this year, a security incident at Crypto Exchange Bybit $1.4 billion hack.

“Imagine SpaceX has a 20 launch obstacle,” he asked. “It’s the same amount of loss on dollar terms.”

While 3,000 individuals are involved in the launch of SpaceX, Rising said Stackup’s team is much more limited. The company is currently being piloted by a group of four.

Edited by James Rubin