Backpack Exchange Secures $1 Billion Valuation Amid Tokenization Efforts

Backpack Exchange, initiated by ex-FTX team members, seeks to raise $50 million, achieving a unicorn status with a $1 billion valuation.

Backpack Exchange, a cryptocurrency exchange and wallet platform established by former employees of FTX, is rumored to be in discussions to secure $50 million in funding. This funding round is expected to elevate the company's valuation to an impressive $1 billion.

The initiative comes as part of Backpack's strategy to advance its tokenization ambitions, aiming to create a robust infrastructure for digital asset management. This significant capital influx could enhance its offerings and help the platform gain a competitive edge in the fast-evolving crypto market.