Overview
- Users who stake Backpack’s upcoming token for at least one year can exchange staked tokens for company equity at a fixed ratio, with 20% of equity reserved for participants.
- Backpack plans to release 25% of a one million token supply at launch to points program participants and Mad Lads NFT holders, with no token sales conducted to date.
- Another 37.5% of the token supply is tied to the corporate treasury and linked to a potential IPO, with team and investor allocations slated to unlock post-IPO.
- The company asked users to verify their identities to determine eligibility for claiming the token ahead of the token generation event, which has not been dated.
- Axios reported Backpack is discussing a $50 million fundraise at a $1 billion pre-money valuation as the exchange expands under Middle East and European frameworks and into additional U.S. states.