April

Raise

Quick take:
<ul>
 <li>The Series A round values Backpack at $120 million according to a press release.</li>
 <li>The company will use the funds to accelerate the development of its crypto exchange platform and non-custodial wallet.</li>
 <li>The fundraising comes following Bakcpack’s NFT mint in April 2023.</li>
</ul>
Backpack has completed a $17 million Series A round for a crypto exchange platform and non-custodial crypto wallet. Placeholder VC led the fundraising with participation from Jump Crypto, Delphi Digital, Wintermute, Hashed, Robot Ventures, Selini Capital, Amber Group and several angel investors.
According to <a href="https://financewire.com/2024/02/28/backpack-raises-17-million-strategic-series-a-round-led-by-placeholder-vc/" target="_blank" rel="noopener noreferrer nofollow">a press release</a>, the fundraising values Backpack at $120 million. The company, then Coral, also raised $20 million in a seed round led by now-defunct FTX in 2022, bringing the total raised to date to $37 million.
Backpack said the fresh capital is crucial in its expansion into new jurisdictions as it looks to meet the licensing and compliance requirements in targeted markets.&nbsp;
Founded by former FTX/Alameda research associates Armani Ferrante and Tristan Yver who left the defunct organisation before it collapsed, UAE-based Backpack seems to be taking a more measured approach to offering crypto exchange services, as it prepares to enter the US in select states.
“Creating an exchange today is very different than creating an exchange a year or two years ago,” Ferrante said. “Especially after the catastrophe that was FTX, I think the bars are so much higher now.”&nbsp;
Backpack’s other co-founder Can Sun worked as a legal counsel for FTX. According to Sun, the period after the FTX debacle was challenging for the co-founders with a lot of people and organisations they approached opting to dissociate. However, things have since turned a corner.&nbsp;
“We’ve gone into business meetings where counterparts, because of our former FTX work experience, have decided that it was too risky to work with us,” Sun<a href="https://www.bnnbloomberg.ca/ftx-alameda-alum-raise-17-million-for-crypto-exchange-backpack-1.2040338" target="_blank" rel="noopener noreferrer nofollow"> told Bloomberg</a>. “We’ve not seen that as much since then.”
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The post <a href="https://www.nftgators.com/mad-lads-nft-creators-raise-17m-for-backpack-crypto-exchange-platform/" rel="noopener noreferrer nofollow">Mad Lads NFT Creators Raise $17M for Backpack Crypto Exchange Platform</a> appeared first on <a href="https://www.nftgators.com" rel="noopener noreferrer nofollow">NFTgators </a>.

Mad Lads NFT Creators Raise $17M for Backpack Crypto Exchange Platform

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