Crypto exchange Backpack to launch token with unlocks tied to IPO goal

Backpack founder Armani Ferrante says the company’s staff and investors won’t get an allocation at its upcoming token launch to avoid insiders “dumping on retail.”

Backpack, a crypto exchange founded by former employees of FTX, says it will launch a 1-billion-supply token in the future, with its distribution schedule tied to its goal of going public in the US.

Backpack posted to X on Monday that its token launch will begin with 25% of the intended supply, or 250 million tokens, to become available on a yet-to-be-disclosed launch date.

Another 37.5% of the total supply, or 375 million pre-IPO tokens, will be made available “upon achievement of key milestones,” which Ferrante said would include opening in a new region or launching a new product.

Read more