Mad Lads’ Backpack Exchange Closes $17 mn Series A Funding Round
Backpack, a cryptocurrency exchange based in Solana, has closed a $17 million strategic Series A funding round, raising a combined valuation of $120 million.
The round was led by Placeholder VC and included investors from Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, Delphi Digital, and Web3 ecosystem founders like Solana and Tensor. Backpack is the 91st largest exchange globally by daily volume, with a 24-hour trading volume of $312 million.
Its success was a testament to the maturing crypto industry’s demand for more trustworthy exchanges. The Backpack ecosystem includes the exchange, the Backpack noncustodial wallet, and the Mad Lads nonfungible token collection, which is the fifth largest Solana-native NFT collection with an all-time sales volume of over $119 million.
(With inputs from Shikha Singh)
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