Crypto Exchange Backpack Raises $17 Million in Series A Funding
A crypto exchange called Backpack, founded by former FTX and Alameda Research employees, has successfully raised $17 million in its Series A funding round. The funding was led by Placeholder VC, a venture firm focused on web3 technologies. Other participants in the round included Hashed, Robot Ventures, Amber Group, Wintermute, and Selini.
This new investment brings the total valuation of Backpack to $120 million, according to Bloomberg. The exchange offers various services including a digital wallet platform and an NFT collection called Mad Lads. It is important to note that Backpack’s exchange is currently not available in the United States.
The Founders of Backpack
Backpack was co-founded by Armani Ferrante and Can Sun. Ferrante previously worked as an early employee at Alameda Research, a now-bankrupt crypto trading firm. Sun served as the general counsel to FTX and testified in the trial against the exchange’s founder, Sam Bankman-Fried.
Dubai-based Crypto Exchange
Backpack is based in Dubai and obtained a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority in October 2023. This license allows the exchange to operate legally within Dubai’s regulatory framework.
Mad Lads NFT Collection
One of the notable offerings from Backpack is its NFT collection called Mad Lads. The collection has a floor price of 185 SOL, which is approximately worth $20,700 according to the Solana NFT platform Magic Eden.
Hot Take: Backpack’s Funding Boosts Crypto Exchange Expansion
Backpack’s successful Series A funding round of $17 million highlights the growing interest in crypto exchanges and related services. The funding will allow Backpack to further expand its offerings and reach new markets.
The involvement of prominent investors such as Placeholder VC demonstrates the confidence in Backpack’s potential as a leading player in the crypto industry. With a valuation of $120 million, Backpack is well-positioned to compete with other established exchanges.
The launch of its NFT collection, Mad Lads, also adds to Backpack’s appeal. NFTs have gained significant popularity in recent years, and Mad Lads’ floor price of 185 SOL reflects the demand for unique digital assets.
Operating from Dubai provides Backpack with strategic advantages. The VASP license obtained from the Dubai Virtual Assets Regulatory Authority ensures compliance with local regulations and builds trust among users.
Overall, Backpack’s successful funding round marks a significant milestone in its journey towards becoming a major player in the crypto exchange market. With its innovative offerings and strong financial backing, Backpack is poised for continued growth and success.
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