Backpack, forged by the resilient spirits of former FTX and Alameda Research talents, has successfully secured $17 million in Series A funding. The company boasts a cutting-edge crypto exchange and offers a unique crypto wallet and an NFT collection dubbed Mad Lads. Consequently, it now prides itself on a robust $120 million valuation.
A New Era of Trust and Transparency
Backpack’s journey is a testament to overcoming adversity. The team, led by CEO Armani Ferrante and co-founder Can Sun, who are FTX and Alameda Research alumni, brings a wealth of experience and a fresh perspective.
Despite the shadows cast by the collapse of their previous employer, the duo, alongside three other former FTX employees, has successfully charted a new course. Hence, Backpack launched with a bang in October 2023 and secured a coveted virtual asset service provider license in Dubai.
Moreover, the exchange has quickly attracted a global user base, with more than 420,000 verified enthusiasts. It is especially popular among Chinese-speaking traders, highlighting the immense potential in Asian markets. Additionally, Backpack reported an impressive $6.53 billion in one-side trading volume in February alone.
Backpack stands out as a beacon of innovation and resilience as the crypto industry evolves. With strategic expansions and a relentless commitment to security and transparency, the company is poised to redefine what it means to trade in the digital age.
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