Backpack Exchange is reportedly in talks to raise about $50 million in fresh funding at a pre-money valuation above $1 billion. If the deal closes on those terms, the crypto trading platform would move into unicorn territory, a notable step for a company built by former FTX and Alameda executives.
The reported $50 million is described as a baseline rather than a hard ceiling, with the final round size potentially ending up larger. The company is expected to use new capital to expand its exchange, wallet business, and regulatory presence across global markets. The timing stands out. Investor appetite for fintech and crypto startups has remained active even as firms from the post-FTX era continue trying to rebuild scale and credibility.
Ferrante ties token unlocks to product traction
Alongside the fundraising discussion, Backpack CEO Armani Ferrante used X to lay out the logic behind the company’s tokenomics ahead of a future token generation event. His main point was direct: the structure is meant to stop early insiders from selling unlocked tokens into the market before the product has real traction.
Ferrante said founders, executives, and venture backers would not receive unlockable tokens until the product reaches what he called “escape velocity.” That approach links insider incentives to usage and execution instead of short-term trading. He also pointed to a longer-range objective for Backpack, saying the company ultimately aims to go public in the United States, extending its ambitions beyond private fundraising.
1 billion token supply and 25% allocated at TGE
In a related post, the official Backpack account confirmed several elements of the upcoming token issuance plan. The initial token supply is set at 1 billion, and 25% of that supply is slated to be allocated at the Token Generation Event. Part of the TGE allocation will go to active community participants and points holders.
Based on the company’s public statements, the token framework is being presented as a way to align users with long-term product growth rather than near-term speculation. Two open questions now sit at the center of the story: whether the funding round is completed on the reported terms, and when Backpack will move ahead with its token generation event. No more specific timetable was provided in the source material.