Crypto exchange Backpack nears unicorn status as CEO lays out token strategy

Backpack Exchange, the crypto trading platform founded by former FTX and Alameda leaders, is reportedly in talks to raise around $50 million in new financing at a pre-money valuation above $1 billion.

If completed, the round would cement Backpack’s position in the crypto sector and potentially elevate it into unicorn status, a milestone for a firm still emerging from the post-FTX landscape.

The discussions come amid increased investor interest in fintech and crypto startups, and Backpack could parlay the fresh capital into expanding its exchange, wallet, and regulatory footprint globally.

The $50 million figure is a baseline, and reports suggest the eventual round size could grow larger.

Backpack CEO outlines tokenomics strategy

Meanwhile, Backpack CEO Armani Ferrante took to X to flesh out the company’s tokenomics framework ahead of a future token generation event.

Ferrante emphasized that the structure is designed to prevent early insiders from “dumping” tokens on retail investors, with no founders, executives, or venture backers receiving unlockable tokens until the product reaches significant traction, a concept he described as product “escape velocity.”

He also highlighted Backpack’s long-term goal of eventually going public in the U.S., signaling ambition beyond private fundraising and into regulated capital markets.

According to Ferrante, aligning token incentives with users, not short-term speculation, lays a foundation for sustainable growth and broader global adoption.

In a related post on the official Backpack account, the team confirmed elements of its upcoming token issuance plans. This includes a 1 billion token supply at launch and the allocation of 25 % of tokens at the Token Generation Event (TGE), with a portion earmarked for active community participants and points holders.