Solana Wallet Backpack Secures $17M Funding | BitPinas

Backpack, a cryptocurrency platform founded by ex-FTX and Alameda staff Armani Ferrante and Tristan Yver, has recently obtained $17 million in funding from Placeholder VC. The founders noted that the investment will facilitate Backpack’s expansion into new jurisdictions by funding compliance and licensing expenses.

Backpack Funding

According to a report, the Series A funding round values the company at $120 million. It was noted that the company entered “cockroach mode” after FTX, its primary backer, collapsed and diverted most of its $20 million funding.

Accordingly, it was noted that Backpack initially operated on a tight financial leash of $1.4 million generated from the sale of the Mad Lads non-fungible tokens (NFT), which has now become one of Solana’s most sought-after digital collectibles. This sale not only provided funding but also popularized Backpack’s wallet app. 

Moreover, the Mad Lads mint established a user base of on-chain traders and collectors for Backpack, contributing to its significant daily trading volumes, sometimes reaching billions of dollars. 

In October last year, Backpack launched its exchange and obtained a post-approval from Dubai’s Virtual Asset Regulatory Authority (VARA).

In addition, in November, Ferrante and another former FTX executive Can Sun launched a new cryptocurrency exchange in Dubai, prioritizing heightened security measures for customer funds called Trek Labs.

Trek Labs aims to innovate trading practices by implementing a secure and transparent model, with a particular emphasis on “self-custody” wallets utilizing multiparty computation for enhanced security. This platform oversaw the rollout of Backpack’s beta version.

What is Backpack?

Backpack is a crypto wallet and exchange platform operating on the Solana blockchain, offering users a range of functionalities. 

Its crypto wallet feature enables secure management of digital assets, allowing for storage, sending, and receiving of various cryptocurrencies directly from the wallet. 

Additionally, Backpack facilitates non-fungible tokens listing and sales, providing a user-friendly platform for users interested in NFTs. Users can easily list their NFTs on the platform and accept offers directly from their wallets. 

Moreover, the platform offers blockchain-powered payments, ensuring non-custodial transactions that can be received seamlessly into the wallet at any time and from anywhere.

This article is published on BitPinas: Solana Wallet Backpack Secures $17M Funding

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