Backpack, formed by former FTX and Alameda Research workers, secured $17 million in Series A funding. The company operates a cutting-edge cryptocurrencycurrency exchange and provides a one-of-a-kind cryptocurrency wallet as well as an NFT collection dubbed Mad Lads. As a result, it is currently proud of its strong $120 million valuation.
Backpack’s story exemplifies overcoming adversity. The team, lead by CEO Armani Ferrante and co-founder Can Sun, both FTX and Alameda Research grads, provides extensive experience and a fresh perspective.
Despite the shadows cast by their prior employer’s collapse, the couple, together with three other former FTX employees, have successfully forged a new course. As a result, Backpack launched with a boom in October 2023, securing a highly sought-after virtual asset service provider license in Dubai.
Backpack stands out as a symbol of creativity and durability as the cryptocurrencycurrency business evolves. With planned growth and an unwavering dedication to security and transparency, the company is positioned to revolutionize what it means to trade in the digital era.
Furthermore, the exchange has quickly built a global user base of over 420,000 confirmed aficionados. It is extremely popular among Chinese-speaking traders, demonstrating the enormous potential of Asian markets. Backpack also reported an amazing $6.53 billion in one-sided trade volume in February alone.
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