Summary
TLDR: Backpack, a crypto exchange, raised $17 million in funding after learning from the collapse of FTX and regulatory issues with Binance. The company aims to set a gold standard for security and trust, avoiding industry pitfalls. They have plans to expand globally and support Ethereum and Bitcoin trading. The industry is maturing, and Backpack is well-positioned to take advantage of the growing crypto market.
Key Points
1. Backpack raised $17 million in a Series A funding round led by Placeholder VC, valuing the startup at $120 million. Other backers include Jump Crypto, Delphi Digital, Wintermute, Hashed, Robot Ventures, Selini Capital, Amber Group, and various angel investors.
2. Backpack launched the Mad Lads project, which helped reenergize the fading Solana NFT market and introduced the Backpack wallet for executable NFTs or “xNFTs.” Mad Lads is now the most valuable NFT project on Solana.
3. Backpack secured a Virtual Asset Service Provider license for Exchange Services from the Dubai Virtual Assets Regulatory Authority (VARA) and is in the process of expanding its regulated exchange across the United States and potentially in Japan. The exchange currently supports Solana trading, with plans to add Ethereum and Bitcoin support in the future.