Backpack | Crypto

The equity offering builds on Backpack’s token announcement earlier this month, in which the first 62.5% of tokens will be distributed to users. Crypto trading platform Backpack Exchange on Monday announced that stakers of its forthcoming Backpack token will be able to earn equity in the exchange, as the company moves toward a potential initial public offering. “Users that stake the Backpack token for at least a year will have the opportunity to exchange those tokens for equity at a fixed ratio — 20% of the company today,” said Backpack CEO and founder Armani Ferrante in a post to X on Monday. 20% of Backpack equity given to users who stake for a year. Don't just use the next big thing. Own it. pic.twitter.com/whdGUQ0XyH Read more

Backpack founder Armani Ferrante says the company’s staff and investors won’t get an allocation at its upcoming token launch to avoid insiders “dumping on retail.” Backpack, a crypto exchange founded by former employees of FTX, says it will launch a 1-billion-supply token in the future, with its distribution schedule tied to its goal of going public in the US. Backpack posted to X on Monday that its token launch will begin with 25% of the intended supply, or 250 million tokens, to become available on a yet-to-be-disclosed launch date. Another 37.5% of the total supply, or 375 million pre-IPO tokens, will be made available “upon achievement of key milestones,” which Ferrante said would include opening in a new region or launching a new product. Read more

Backpack exchange launched an invite-only beta for its Unified Prediction Portfolio, letting users hedge and trade across markets in a single crypto account. Backpack, a cryptocurrency exchange founded by former employees of Alameda Research and the defunct FTX, is entering prediction markets with an ambitious plan to unify balances from different types of trading. The exchange has launched private beta testing for its new platform, called the Unified Prediction Portfolio, Backpack CEO Armani Ferrante said in a post on X on Tuesday. “This isn’t yet another wrapper over Kalshi, Polymarket, or any other prediction market platform,” Ferrante wrote, describing the forthcoming market as a “native system with everything tokenized and risk profiled, together.” Read more

Backpack halted trading for scheduled maintenance at 10 a.m. UTC on July 3 and reopened two hours later, but the restart triggered account errors that forced CEO Armani Ferrante to promise reviews and compensation. Backpack had warned users on X that the platform would go offline at 10 a.m., enter post-only mode at noon, and […] The post Post-maintenance mishap on Solana’s Backpack triggers incorrect futures orders, balance reports appeared first on CryptoSlate.

Backpack allows former FTX EU users to reclaim euro balances after KYC verification, following its acquisition of the bankrupt crypto platform's EU arm. Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service. According to a May 12 X post, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification. Backpack’s support page also said that the KYC details on the platform must match the ones provided to FTX EU: Read more