Backpack exchange reaches $1 billion unicorn valuation on tokenization push: Axios

Backpack, the crypto exchange established by former FTX employees, is reportedly close to achieving unicorn status by raising $50 million in new financing at a $1 billion pre-money valuation, according to Axios. This development follows Backpack's announcement of its tokenization plan, which allocates 37.5% of its 1 billion token supply to a "post-IPO" company treasury to align team incentives with public listing. Another 37.5% will be circulated based on achieving milestones like regional expansion and new product rollouts, with 250 million tokens airdropped to early backers and 1 million reserved for Mad Lads NFT holders. Founded in late 2023 by Armani Ferrante and Can Sun, Backpack evolved from a Solana-based wallet and acquired FTX EU last year, operating out of Dubai with a VASP license.

(Source：The Block)