Backpack, the cryptocurrency exchange established by former FTX and Alameda Research executives, has officially achieved unicorn status, Axios reported on Monday. The firm is reportedly in discussions to secure $50 million in fresh financing, which would place its pre-money valuation at $1 billion. This surge in valuation highlights a significant recovery and growth trajectory for the team, which transitioned from a Solana-based wallet project into a comprehensive global trading platform.
The announcement of this funding round coincides with the introduction of Backpack’s innovative tokenization scheme, which aims to redefine how exchange tokens are distributed and managed. Under this plan, 37.5% of the total 1 billion token supply is reserved for a “post-IPO” company treasury. Co-founder Armani Ferrante explained that this structure is specifically designed to prevent the common practice of “dumping” tokens on retail investors. By tying the team’s financial rewards to an eventual public listing or equity exit, the firm intends to ensure long-term alignment between the developers and the community.
In the interim, the distribution strategy focuses on rewarding early supporters and hitting measurable growth targets. Another 37.5% of the supply will be circulated “pre-IPO” based on the company’s success in expanding into new geographic regions and launching new products. While a specific date for the token generation event has not yet been set, the exchange has committed to airdropping 250 million tokens to early backers, including participants in the Backpack Points program and holders of the Mad Lads NFT collection.
Backpack’s rapid ascent is rooted in its evolution from a specialized wallet to a regulated spot and derivatives exchange headquartered in Dubai. The founding team, which includes Armani Ferrante and former FTX general counsel Can Sun, has leveraged deep industry experience to navigate the regulatory landscape, notably obtaining a virtual asset service provider (VASP) license. Following the acquisition of FTX EU last year, the platform has continued to expand its offerings to include lending and prediction markets, positioning itself as a major institutional player in the digital asset ecosystem.
