Backpack to airdrop 25% of tokens at TGE as team eyes US IPO
Backpack will airdrop 25% of its tokens at TGE, with team rewards tied to long-term growth and a planned US IPO.Summary
Crypto exchange Backpack, co-founded by Armani Ferrante and Tristan Yver, announced its token distribution framework, allocating 25% of tokens (250 million) at the Token Generation Event (TGE), with 240 million going to points holders and 10 million to Mad Lads NFT holders. An additional 37.5% is earmarked for unlocking via growth milestones tied to regulatory progress before an anticipated US public offering (IPO). The remaining 37.5% will be held on the balance sheet, inaccessible for at least 12 months post-IPO. Team members and early backers hold equity in the parent company, ensuring their financial rewards are contingent upon a successful public listing, which Ferrante stated is designed to block insider profits until the exchange becomes a large, regulated financial platform integrating traditional finance rails and fiat accounts.
(Source：Crypto Briefing)