Posted 2/28/2024, 1:01:02 PM
Backpack Exchange Raises $17M to Build Compliant Crypto Exchange After FTX Fallout
- Backpack exchange raised $17M in Series A funding to build a regulated, secure crypto exchange following FTX collapse
- Backpack previously raised $20M from FTX Ventures, but funds were locked when FTX collapsed
- Backpack found success with Mad Lads NFT project on Solana, now the top collection
- The exchange is live in 11 US states and seeking licensing in Dubai, Japan; plans to add Ethereum and Bitcoin
- Backpack co-founder Armani Ferrante says the goal is to follow Coinbase's lead on compliance while innovating as a "nimble" startup