Backpack Exchange has announced plans to launch a 1 billion supply token, with unlocks tied directly to its goal of going public in the United States. The exchange said 25% of the supply will be released at launch, with further unlocks linked to business milestones.
Another 37.5% of tokens will unlock as Backpack expands into new regions or launches products. The remaining supply will stay locked until at least one year after an IPO, held in a corporate treasury. The arrangement, according to co-founder and CEO Armani Ferrante, is intended to stop insiders from dumping tokens on regular users.
According to reports, Backpack is in negotiations to raise $50 million at a $1 billion valuation, making it a unicorn in the cryptocurrency space. Ferrante emphasized that token allocations were not made directly to investors, executives, or founders. Instead, the team holds equity in the company.
The exchange was founded by former FTX employees and launched in 2022. Ferrante said wealth from the token should only come after the company delivers real value and reaches public markets.
The approach reflects growing demand for fairer token economics in crypto.
You need to login in order to Like
Leave a comment