Backpack Exchange, a crypto trading platform founded by former leaders from FTX and Alameda Research, is reportedly closing in on unicorn status as it explores a new funding round that could value the company at more than $1 billion.
According to people familiar with the matter, Backpack is in discussions to raise roughly $50 million in fresh capital at a pre-money valuation exceeding the $1 billion mark. If finalized, the round would place the company among the growing list of crypto unicorns emerging from the post-FTX rebuild phase.
Sources say the $50 million target represents a baseline figure, with the possibility that the final raise could be larger depending on investor demand.
Investor interest returns to crypto infrastructure
The fundraising talks come amid renewed interest in fintech and crypto infrastructure startups, particularly those focused on compliance, custody, and trading systems. Backpack is expected to use the new capital to expand its exchange and wallet offerings while strengthening its regulatory footprint across multiple jurisdictions.
A successful raise would further cement Backpack’s position as a serious contender in the crypto trading space, despite lingering skepticism toward firms connected to the former FTX ecosystem.
CEO outlines long-term tokenomics vision
At the same time, Backpack CEO Armani Ferrante has begun laying out the company’s token strategy ahead of a future token generation event.
In a series of posts on X, Ferrante said the tokenomics framework is designed to avoid a common pitfall in crypto launches: early insider sell-offs. Under the proposed structure, founders, executives, and venture investors would not receive unlockable tokens until the product reaches what he described as meaningful “escape velocity.”
The idea, Ferrante explained, is to align incentives with long-term product adoption rather than short-term speculation.
He also revealed that Backpack ultimately aims to pursue a public listing in the United States, signaling ambitions that extend beyond private fundraising into traditional capital markets.
Token supply and community allocation
In a related update, the official Backpack Exchange account confirmed key details of its planned token issuance.
The token will launch with a total supply of 1 billion tokens. Of that amount, 25% will be allocated at the token generation event, with a portion reserved for community rewards, including active users and points holders.
The remaining supply will be distributed gradually over time, reinforcing the company’s stated goal of rewarding participation and long-term engagement rather than early speculation.
A milestone moment for Backpack
If the funding round is completed at the reported valuation, it would mark a major milestone for Backpack and signal renewed investor confidence in select crypto platforms following years of industry turbulence.
While challenges remain, particularly around regulation and market volatility, Backpack’s emphasis on incentive alignment and product-driven growth appears to be resonating with both users and investors watching the next phase of crypto’s evolution.
