Backpack, the crypto exchange and wallet platform founded by former FTX employees, has achieved unicorn status, reportedly targeting a $1 billion pre-money valuation in its next fundraising round. The company is in discussions to raise $50 million as it continues expanding its tokenization and product offerings.
Tokenization Plan Aims to Protect Retail Investors
The exchange recently outlined a tokenization scheme that divides its 1 billion exchange tokens into pre- and post-IPO tranches. Co-founder Armani Ferrante explained that 37.5% of the tokens will be reserved for the post-IPO company treasury to prevent retail investor dilution and align team incentives with long-term growth. The remaining 37.5% will circulate prior to a public listing based on measurable milestones such as regional expansion and product rollouts. Early backers, including participants in the Backpack Points program, will receive 250 million tokens, while another 1 million tokens are allocated to Mad Lads NFT holders.
Expansion Into Regulated Markets
Backpack operates as a regulated spot and derivatives exchange and multi-chain wallet. The platform has also begun exploring lending and prediction market services. Last year, the company acquired FTX EU, gaining access to a MiFID II-compliant framework, and operates from Dubai under a licensed virtual asset service provider (VASP) license.
From Wallet to Exchange Unicorn
Founded in late 2023, Backpack initially focused on a Solana-based wallet project. The team previously led the Mad Lads NFT collection and includes former Alameda Research and FTX executives. The platform raised $17 million in Series A funding in 2024 from investors including Placeholder VC, Robot Ventures, Wintermute, and Selini.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.