Solana-Based Crypto Exchange, Backpack, Raises $17M in Series A Funding Round
Summary:
Backpack, a Solana-based cryptocurrency exchange, raised $17 million in a strategic Series A funding round, elevating its combined valuation to $120 million. The investment round was led by Placeholder VC and other key investors. According to the founder, Armani Ferrante, the fresh funding will advance global expansion and product development. As of now, Backpack is the 91st largest exchange globally in terms of daily trading volume. The company's ecosystem includes a noncustodial wallet and the Mad Lads NFT collection, a prominent Solana-native collection.
Backpack, a cryptocurrency exchange built on the Solana blockchain, has successfully concluded its strategic Series A financing round, amassing $17 million. This has boosted its overall valuation to $120 million. Placeholder VC spearheaded the funding round, featuring a slew of key investors such as Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, and Delphi Digital. Additionally, a number of prominent Web3 ecosystem operators like Solana and Tensor took part in the round, as revealed in a press statement shared with Cointelegraph on Feb 28.
Backpack Exchange's founder and chief executive, Armani Ferrante, affirms that this latest fund raising initiates a fresh era in the crypto sphere. Ferrante insists that while the annals of finance are marked with scandals, Backpack's approach stands out with its novel financial institution tailored for the crypto sector. With the successful conclusion of the funding round emphasizing the principles of compliance and trust diminution, he eagerly anticipates a new phase for the company and the wider industry.
Ferrante underscores that operating a cryptocurrency exchange requires considerable capital. He reveals in an exclusive interview with Cointelegraph on Feb 27 that the newly-raised resources will fuel the exchange's lawful global growth. Without divulging too much, Ferrante states that the funds are set to advance both global expansion and product enhancement.
As of Feb 28, Backpack ranks 91st worldwide in terms of daily volume, reporting a 24-hour trading volume totalling $312 million. In comparison, Binance, the world's premier cryptocurrency exchange, logged over $26.3 billion in 24-hour trading volume. Bybit, the second-largest exchange, accrued $4.5 billion, as per CoinGecko data.
Backpack surged past a 24-hour volume of $1 billion on Feb 18, merely four days following the kick-off of its trading pre-season. Ferrante tells Cointelegraph that the exchange's stellar success underlines the burgeoning demand for more reliable exchanges in a fast-evolving crypto sector.
Backpack's ecosystem embodies diverse products, comprised of the exchange, the Backpack noncustodial wallet, and the Mad Lads nonfungible token collection. Currently, Mad Lads stands out as the fifth biggest Solana-native NFT collection, boasting an all-time sales volume surpassing $119 million, as per CryptoSlam data.
Published At
2/28/2024 4:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.