In a significant milestone for the cryptocurrency sector, Backpack has successfully closed a Series A funding round, raising $17 million. This latest financial infusion has catapulted the company's valuation to an impressive $120 million. The funding round underscores the growing confidence in Backpack's innovative approach to cryptocurrency infrastructure, encompassing a comprehensive ecosystem that includes a cryptocurrency wallet, the Backpack exchange, and the NFT collection Mad Lads.
The round was led by venture capital firm Placeholder VC, with participation from a consortium of heavyweight investors such as Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, Delphi Digital, and founders of prominent projects like Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, and Galxe. This diverse mix of investors reflects the broad support and belief in Backpack's vision and its potential to reshape the landscape of digital finance.
Armani Ferrante, CEO of Backpack, shared his perspective on the company's journey and its future: "The history of finance is fraught with scandals, but we are charting a different course. Over the past year, we have laid the foundation for a new kind of cryptocurrency financial institution. With this funding round, centered on principles of trust minimization and regulatory compliance, we are starting a new chapter for ourselves and, hopefully, for the entire industry."
Backpack's ecosystem is diverse, featuring a non-custodial wallet, a regulated cryptocurrency exchange licensed in the UAE, and the NFT collection Mad Lads. Beyond these, the Backpack team has been instrumental in developing solutions like Anchor for the Solana blockchain, the xNFT standard, and other products, highlighting the company's commitment to innovation and quality.
Joel Monegro, General Partner at Placeholder VC, praised Backpack's achievements: "We have been impressed by how Backpack has not only created high-quality applications but has also fostered a community around its ecosystem."
Anatoly Yakovenko, co-founder of the Solana project, commented on the company's focus and execution: "Armani and the Backpack team exemplify what it means to focus on excellent products, user experience, and relentless iteration."
Eugene Gaevoy, CEO of Wintermute, highlighted the unique strengths of the Backpack team: "The Backpack team exemplifies the rare combination of being deep in the cryptocurrency space while also being exceptional developers. They understand that cryptocurrency is not just about the underlying technology but also about the culture that forms around it."
This successful funding round is a testament to Backpack's vision and its potential to innovate within the cryptocurrency space. With a solid foundation and a clear roadmap for the future, Backpack is well-positioned to lead in the creation of a more accessible, secure, and user-friendly cryptocurrency ecosystem.
