Haciyev Reşit 
As tokenization-focused growth strategies accelerate across the crypto industry, Backpack, founded by former FTX employees, has crossed a notable milestone. According to information shared by Axios, Backpack is in talks to raise $50 million in a new funding round at a $1 billion pre-money valuation. This development positions the company as one of the newest unicorn projects in the crypto market.
Tokenization Plan in the Spotlight
Just ahead of the funding discussions, Backpack publicly unveiled its comprehensive tokenization plan. Under the proposal, 37.5% of the total 1 billion token supply will be allocated to the company treasury for use after the IPO. This structure is designed primarily to prevent early dilution of retail investors.
Founder Armani Ferrante summarized the core objective of the plan as follows:
“The goal is to prevent retail investors from being harmed and to ensure long-term alignment. Until the company goes public, the team will not derive any personal financial gain from the project.”
Balanced Distribution Before and After the IPO
Another 37.5% of the token supply will be released gradually during the pre-IPO phase. The release of these tokens will be tied to measurable, concrete milestones such as expansion into new markets, product and infrastructure development, and growth of the user base. This approach aims to prevent uncontrolled supply inflation and to ensure that token value progresses in line with the company’s operational success.
Backpack has not yet announced a definitive date for its token generation event (TGE). However, the company stated that 250 million tokens will be airdropped to early supporters and participants in the Backpack Points program. In addition, 1 million tokens have been specifically allocated to Mad Lads NFT holders, recognizing their early role in the ecosystem and aiming to strengthen long-term community engagement.
From Wallet to Exchange: Backpack’s Rise
Originally launched as a Solana-based wallet project, Backpack was founded in late 2023 by the team behind the Mad Lads NFT collection. The founding team includes former Solana developer and early Alameda Research employee Armani Ferrante, as well as Can Sun, former legal counsel at FTX who testified during the FTX trial. This team composition reflects deep experience across both technical infrastructure and regulatory matters.
In 2024, Backpack raised $17 million in Series A funding led by Placeholder VC, with participation from Robot Ventures, Wintermute, and Selini. In the same year, the company acquired FTX EU, enabling it to operate under MiFID II regulations. Headquartered in Dubai, Backpack also holds a VASP license, further strengthening its regulation-first approach.
A Tokenization-Focused Future
Tokenization appears to have played a key role in Backpack’s ascent to unicorn status. The company’s approach—bringing real-world assets and financial products onto the blockchain—has attracted interest from both institutional investors and regulators. Beyond spot and derivatives trading, Backpack aims to expand into lending and prediction markets, broadening its product suite.
Backpack’s $1 billion valuation target demonstrates that, in the post-FTX era, industry talent is still capable of building strong, credible institutions. With its focus on tokenization, regulatory compliance, and a community-oriented distribution model, Backpack is positioning itself not just as a crypto exchange, but as a long-term financial infrastructure player. If the funding round is successfully completed, the project could further increase the number of unicorns in the crypto ecosystem.
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