Backpack Raises $17 Million Strategic Series A Round Led by Placeholder VC

Dubai, UAE, February 28th, 2024, FinanceWire

Dubai, UAE, February 28th The Backpack ecosystem of companies, creators of the Backpack wallet, the Mad Lads NFT collection, and Backpack Exchange, today announced the first joint closing of their $17 million strategic Series A round at a $120 million combined valuation. The round was led by Placeholder VC, with participation from a select group of other strategic investors including Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.

Armani Ferrante, CEO of Backpack commented on the news:

“The history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we’ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.”

The Backpack ecosystem comprises several products and services, including the popular Backpack noncustodial wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionalities, and Mad Lads, currently the top NFT community in the Solana ecosystem. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, the executable NFT (xNFT) token standard, and others.

Backpack’s strategic fundraising was led by Placeholder VC. “We’ve been impressed with Backpack’s ability to not only deliver high-quality applications, but also build a strong community around their ecosystem,” said Joel Monegro, General Partner at Placeholder VC. “After building a relationship with the team over the past year, we’re convinced they have the skill, ambition and drive to create one of the most trustworthy global exchanges in the industry with a strong focus on performance, compliance, and auditability.”

“The Backpack team is an all-star team that really understands the community with a focus on building compliant services. Their ability to create the best user experience is top notch, and the synergies within their ecosystem are evidenced by their strong track record of user acquisition within the industry to date.” Baek Kim, General Partner at Hashed said. “We are very excited to work with the team and resonate deeply with their compliance standpoint in terms of being optimally regulated and entering the mainstream of the global financial infrastructure.”

The round also attracted strong interest from other leading web3 ecosystem players. “The Backpack team is a great example of what happens when crypto natives are also strong builders. They understand that crypto is not just the underlying technology, it is also the culture that forms around it,” said Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in digital assets, “For me, Backpack is having the success I would expect, when a team figures out the intersection of tech and culture. I’m excited to see them continue to grow.”

Backpack’s fundraising was applauded by the Solana ecosystem as well. “Backpack has not only pioneered exceptional products such as the Backpack Wallet but has also cultivated a remarkable community through the Mad Lads. Armani and the Backpack team have exemplified what it means to focus on great products and user experiences and iterate relentlessly,” said Anatoly Yakovenko, founder of Solana Labs, “Watching Backpack build a global exchange that stands out for its user experience and trustworthiness has been truly inspiring.”

About Backpack Wallet

Backpack Wallet is an all-in-one web3 app that functions as a noncustodial wallet, allowing users to buy, hold, sell, and transfer cryptocurrencies, as well as interact with xNFTs, a popular NFT standard that tokenizes applications. Backpack Wallet is also the creator of Mad Lads, the top NFT collection in the Solana ecosystem. For additional information on Backpack Wallet, visit https://www.backpack.app/.

About Backpack Exchange

Backpack Exchange is a fully regulated global cryptocurrency exchange innovating to provide an exciting, fun, and easy-to-use trading platform for both experienced and new web3 users worldwide. For more information, visit backpack.exchange.

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