Backpack, a trading platform founded by former FTX employees, is in negotiations to raise $50 million, committing 37.5% of its total Token supply to a treasury fund after its IPO.
Backpack, a cryptocurrency exchange founded by former FTX executives, has officially joined the unicorn club with a valuation of $1 billion. This move marks a significant step forward for a young platform as the cryptocurrency market gradually recovers from the volatility of 2023.
According to a report from Axios on Monday, Backpack is in negotiations to raise an additional $50 million in a new Capital round, bringing its pre-funding valuation to $1 billion. This announcement comes shortly after the exchange revealed its bold Tokenize strategy aimed at redefining how benefits are distributed in the blockchain industry.
Differentiated Tokenize strategy
A unique aspect of Backpack's plan lies in its Token allocation mechanism with a total supply of 1 billion units. The company commits to dedicating 37.5% to a treasury fund in the "post-IPO" phase, a move described by co-founder Armani Ferrante as a solution to combat the " Token Dump on retail investors"—a persistent problem in many previous cryptocurrency projects.
Ferrante emphasized that the founding team can only create personal asset value when the company goes public or undergoes a formal Capital , thereby forcing management to focus on building sustainable value rather than seeking short-term profits. An additional 37.5% of the supply will be circulated in the “pre-IPO” phase based on measurable targets such as geographic expansion and new product launches.
As part of its community incentive program, Backpack will distribute 250 million Token via Airdrop to users participating in Backpack Points, and also allocate 1 million Token to owners of the Mad Lads Non-Fungible Token . Although the official Token creation date has not yet been determined, this plan has generated great anticipation within the community.
Backpack's development journey began with a wallet project on Solana in late 2023, co-founded by Ferrante – a former Solana programmer and first employee of Alameda Research, and Can Sun – former chief legal counsel of FTX. In 2024, the company successfully raised $17 million in a Series A funding round from Placeholder VCs and funds such as Robot Ventures and Wintermute. The acquisition of FTX EU gave Backpack access to the MiFID II regulatory framework, while the VASP license in Dubai strengthened the platform's global legal standing.
