Backpack Exchange seeks $50M funding at $1B valuation: Report
Backpack Exchange is reportedly seeking $50 million in funding at a $1 billion pre-money valuation.Summary
Backpack Exchange, co-led by Solana developer Armani Ferrante and former FTX executive Tristan Yver, is reportedly exploring a new financing round targeting a $50 million raise at a $1 billion pre-money valuation, which would grant the Singapore-headquartered company unicorn status.
Backpack, which aims to restore confidence post-FTX collapse, integrates trading services with a non-custodial wallet. The company previously raised $17 million in February 2024 at a $120 million valuation. It has made significant regulatory strides, securing a VASP license in Dubai and MiFID II authorization for EU derivatives trading, and becoming the first centralized exchange to offer SEC-registered equities on a blockchain.
The exchange plans to eventually go public in the US while expanding its infrastructure. Furthermore, Backpack has detailed a token distribution plan where 25% of the total supply will be released at the Token Generation Event, designed to prevent early profit-taking by founders and investors before the public offering.
(Source：Crypto Briefing)