Backpack Crypto Exchange Raises $17 Million in Series A Funding

Founded by former FTX and Alameda Research employees, Backpack aims to set a new standard for security and trust in the crypto exchange industry.

Backpack, a crypto exchange and digital wallet platform, has raised $17 million in Series A funding, led by Placeholder VC.
The funding round brings Backpack's total valuation to $120 million, with the company based in Dubai and operating in multiple jurisdictions including parts of the United States.
Co-founder Armani Ferrante emphasizes Backpack's commitment to integrity and security, aiming to avoid the pitfalls that affected other exchanges like FTX and Binance.
Backpack has launched the Mad Lads NFT collection, which has become the most valuable NFT project on Solana, and plans to support Ethereum and Bitcoin trading in the future.
The exchange utilizes a permissioned blockchain system for documenting transactions, ensuring transparency and preventing manipulation.