Backpack Exchange Eyes $50M Raise at $1B Valuation
Backpack Exchange aims to raise $50M at a $1B valuation and plans to launch tokenization tools, per Axios.
- Backpack Exchange targets $50M raise at $1B valuation
- Founded by former FTX employees
- Tokenization platform launch also in the works
Backpack Exchange, a rising crypto platform founded by ex-FTX employees, is in advanced talks to raise $50 million in new funding. This investment round, reported by Axios, would value the startup at a pre-money valuation of $1 billion — a major leap for a relatively young player in the crypto exchange space.
The exchange is aiming to position itself as a secure and innovative alternative following the collapse of FTX. Built on the lessons of the past, Backpack Exchange places a strong emphasis on transparency, user protection, and regulatory alignment.
Tokenization Plans Signal Future Growth
Alongside the funding news, Backpack Exchange is also preparing to unveil a new tokenization platform. This move reflects a broader trend in the crypto industry — turning real-world assets like stocks, real estate, and commodities into tradable digital tokens on the blockchain.
By offering tokenization tools, Backpack aims to attract both institutional and retail users looking for broader exposure in digital markets. The strategy could help it differentiate itself in a crowded market, especially as regulatory pressure intensifies on traditional exchanges.
A Strategic Play in the Post-FTX Era
The founders of Backpack Exchange, many of whom were directly involved with FTX, appear to be charting a fresh course. Their experience — both the successes and the failures — now informs the project’s focus on building sustainable infrastructure in crypto.
If the $50 million raise is successful, the $1 billion valuation would mark Backpack as one of the most closely watched new players in the industry. With a tokenization platform in the pipeline, the company could play a key role in crypto’s next growth phase.
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