Crypto-focused venture capital firm Pantera Capital led the fundraise

Web3 video and livestreaming platform Stacked has raised $12.9 million in a Series A funding round led Pantera Capital. The capital will go toward marketing, content acquisition, hiring and expansion into Latin America, India and Southeast Asia.

The Stacked platform aims to provide a decentralized alternative to Alphabet-owned YouTube and Amazon-owned Twitch. Founded in March 2021, the Los-Angeles based startup wants creators to keep more of their revenue while also accruing ownership of the platform through the native governance token, which is earned through various performance metrics.

“If you actually give creators ownership over the platforms that they helped make valuable, then you really align the incentives of both the platform itself, the developers and the content creators,” Stacked founder and CEO Alex Lin said during an interview with CoinDesk.

Stacked creators can stream gaming content, host watch parties, chat with fans or host lifestyle content. Creators can earn fiat or crypto by accepting donations or subscriptions from viewers.

Governance tokens earned can be used to secure a featured spot on the main page and to negotiate a higher cut of revenue.

Investors in the funding round included GFR Fund and Z Venture Capital. Lead investor Pantera Capital had $5.8 billion in assets under management in April when the firm announced a new $200 million fund to back mature crypto companies.

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Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

Samir Shah, formerly JPMorgan’s head of asset management sales, has left the bank to take up the position of chief operating officer at cryptocurrency-focused investment firm Pantera Capital.

Shah said that after “12 fantastic years with JPMorgan,” spanning roles in sales, strategy and digital, it was time to start a new professional chapter, via a LinkedIn post.

“As for my next step, I am thrilled to share that I will be joining Pantera Capital as Chief Operating Officer. Pantera is one of the industry’s leading investors in blockchain technology, and I’m excited to partner with Dan Morehead, Joey Krug and the broader Pantera team to help take the organization to new heights!” Shah said in his post.

Shah follows a well-trodden path from Wall Street into crypto. At the beginning of May this year, long-time crypto and blockchain lead at JPMorgan, Christine Moy, left the bank to become head of digital assets at private equity firm Apollo Global Management.

In early April, Pantera announced plans to close a blockchain fund with about $1.3 billion in committed capital.

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