What is Backpack Exchange doing in the crypto market?
Backpack Exchange, founded by Solana developer Armani Ferrante and former FTX executive Tristan Yver, is currently pursuing new funding opportunities. The company is seeking a pre-money valuation of $1 billion, with reports indicating that this funding round may exceed its initial target of $50 million. This would mark Backpack as a significant player among pre-token crypto startups achieving unicorn status.
How does Backpack Exchange stand out after FTX?
In the aftermath of FTX's collapse, Backpack Exchange aims to restore investor confidence by integrating trading services with a non-custodial wallet. This approach offers users more control over their assets while participating in cryptocurrency trading.
What recent milestones has Backpack Exchange achieved?
In February 2024, Backpack raised $17 million in a Series A funding round led by Placeholder VC, achieving a valuation of $120 million. This funding received notable support from various investors, including Jump Crypto and Hashed. The exchange has also demonstrated regulatory compliance by securing a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority in November 2023, alongside MiFID II authorization for derivatives trading within the European Union. Additionally, it has made history as the first centralized exchange to provide natively issued SEC-registered equities on the blockchain.
What are Backpack Exchange's future plans?
Looking ahead, Backpack Exchange aims to become publicly traded in the United States while broadening its banking, payment, and securities operations. To protect its investors and founders, the firm has introduced a unique token distribution plan. This plan stipulates that 25% of the total token supply, equivalent to 250 million tokens, will be released during the Token Generation Event, ensuring slower returns for insiders pre-offering.