Backpack Exchange, the crypto trading platform founded by former executives from FTX and Alameda Research, is reportedly in talks to raise around $50 million in fresh funding at a pre-money valuation exceeding $1 billion, according to people familiar with the matter.
If completed, the round would push Backpack into unicorn status, marking a notable milestone for a company that emerged from the fallout of the FTX collapse. The reported $50 million figure is described as a baseline, with indications that the final size of the round could be larger depending on investor demand.
The fundraising discussions come amid renewed interest from investors in fintech and crypto infrastructure firms. Backpack is expected to use the capital to expand its exchange and wallet products, strengthen its regulatory footprint, and scale operations across additional global markets.
Tokenomics focused on long-term alignment
Alongside the fundraising talks, Backpack CEO Armani Ferrante has outlined the platform’s planned tokenomics framework ahead of a future token generation event (TGE). In posts on X, Ferrante stressed that the structure is designed to prevent early insider sell-offs and better align incentives with long-term product growth.
Under the proposed model, founders, executives, and venture investors would not receive unlockable tokens until the product reaches what Ferrante described as meaningful adoption or “escape velocity.” He said the goal is to prioritize users and builders over short-term speculation.
Backpack has also confirmed that the token will launch with a total supply of 1 billion tokens, with 25% allocated at the TGE. A portion of that allocation will be directed toward community rewards, including active users and points holders.
Ferrante additionally reiterated Backpack’s long-term ambition to eventually pursue a U.S. public listing, signaling that the company sees its future extending beyond private fundraising into regulated capital markets.
If the current funding round closes as expected, Backpack would further solidify its position as a rising player in the post-FTX crypto landscape, combining exchange infrastructure, user-focused token design, and ambitions for mainstream financial integration.
