Backpack Exchange, led by Solana developer Armani Ferrante and former FTX executive Tristan Yver, is exploring new financing at a $1 billion pre-money valuation, Axios reported Monday, citing people with knowledge of the talks.
The round would make the Singapore-headquartered company the latest pre-token crypto startup to reach unicorn status. The company is currently targeting a $50 million raise, but discussions suggest the total could be higher.
Backpack, which is part of a new generation of crypto exchanges focused on rebuilding confidence after FTX’s collapse, combines trading services with a non-custodial wallet.
The exchange raised $17 million in a Series A round in February 2024, led by Placeholder VC at a $120 million valuation, with participation from Jump Crypto, Hashed, Amber Group, Wintermute, Robot Ventures, Delphi Digital, and Selini Capital.
The exchange obtained a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority in November 2023 and has since secured MiFID II authorization for derivatives trading in the European Union. It also became the first centralized exchange to offer natively issued SEC-registered equities on a blockchain.
Backpack plans to go public in the US while expanding its banking, payments, and securities infrastructure.
The firm has unveiled a token distribution plan designed to prevent founders and investors from profiting before the company’s planned public offering, with 25% of the token supply, or 250 million tokens, to be released at the Token Generation Event.