backpack

Cryptocurrency wallet and trading platform Backpack announced that Kyle Samani, co-founder of Multicoin Capital and an early investor in Solana, has joined the Backpack US board of directors.Kyle Samani has long focused on decentralized finance, blockchain infrastructure, and the evolution of global capital markets. Backpack stated that this appointment reflects a shared belief that the future of global finance will combine institutional risk management with the efficiency and transparency of on-chain markets.

Cryptocurrency exchange Backpack announced that users can now use Micron and SanDisk stocks as collateral to deposit into a unified investment portfolio margin account that covers stocks, cryptocurrencies, and other assets. Stock holdings can be used for USD lending, contract trading, and spot margin.Backpack had previously provided 24/7 trading services for some U.S. stocks to international investors, who have complete ownership of the traded U.S. stocks and can perform 1:1 bridging between traditional securities and tokenized assets on Solana. The newly added collateral is limited to the two stocks mentioned above, and Backpack has also launched perpetual contracts for MU, SNDK, SPY, and QQQ. Backpack stated that more assets will be launched in the future, but did not disclose a specific timeline.

Backpack announced the launch of the first 24/7/365 real-time US stock trading market for international investors, allowing users to buy and sell real American stocks around the clock, rather than synthetic derivatives. The first batch of supported stocks includes SpaceX (SPCX), Micron (MU), and SanDisk (SNDK).Backpack stated that the platform offers real equity ownership, instant settlement, and continuous price discovery, and supports deposits in fiat currency or stablecoins. In addition, the platform also supports tokenized versions of these assets on Solana, allowing users to achieve a 1:1 conversion between traditional securities and tokenized stocks on the Backpack platform.

Backpack CEO Armani Ferrante responded on X regarding the discussion about the project's delay in TGE, stating that if the project team is only looking for an exit opportunity, delaying TGE is fine; but if the goal is to build long-term and win the market, "TGE should have been done yesterday"; if there are concerns about market panic (FUD), then tokens should not be issued at all.Ferrante claims to be a "habitual offender of bear market minting and TGE," believing that market timing is actually irrelevant. This statement responds to user @AleyProbably's viewpoint, who argued that if all projects that delayed TGE had completed their airdrops on time, the market conditions would be much better, because "the market needs liquidity, and airdrops are one of the best ways to obtain liquidity."

The cryptocurrency exchange Backpack announced the launch of Backpack Securities, allowing investors to buy, hold, and sell real stocks backed by regulated U.S. securities infrastructure through the platform, enjoying dividends, corporate actions, and rights under systems such as ACATS and DTCC. At the same time, holdings can be converted into tokenized securities that can be freely transferred and traded 24/7 on public chains like Solana. Orders go directly into the liquidity pool of the U.S. stock market, with transaction prices reflecting real market prices.The platform consists of two parts: one is a U.S. regulated brokerage and custody service that allows users to truly hold U.S. stocks and enjoy traditional brokerage rights such as cash dividends and corporate actions; the other is a collaboration with the Solana tokenization protocol Sunrise to convert stocks held by users into tokenized securities that can circulate on-chain.Backpack stated that related services are expected to be gradually launched starting in June, with tokenized stocks initially supporting wallets, DeFi protocols, and 24/7 trading on Solana, and may expand to more blockchains in the future.

According to on-chain analyst aryan's disclosure on the X platform, in the attack incident on the Drift protocol treasury, the attacker's address obtained funds through NEAR Intents 8 days ago but remained inactive until receiving a large amount of assets from the Drift treasury.The attacker transferred the funds to multiple money laundering addresses. Notably, these money laundering addresses received funds through Backpack yesterday, and Backpack should have conducted KYC verification on these accounts. Subsequently, the money laundering addresses transferred the funds to an Ethereum address via Wormhole, which had previously received funds through Tornado Cash.

Backpack founder Armani Ferrante posted a response to recent community FUD, addressing topics such as OTC trading, Mad Lads equity, witch hunts, and token prices.Armani stated that the team will not sell their tokens through OTC to cash out, and their previous comments about OTC were only to assist buyers in finding tokens. All users holding Mad Lads tokens before the TGE will retain their Backpack VIP status, while new users will not enjoy this status.Additionally, Armani emphasized that the FDV value 24 hours or a week after the TGE is not practically significant, and short-term FDV is not a core metric. The team's interests are deeply tied to the success of the token; if the token price goes to zero, the team will not be able to earn profits.Regarding witch hunts, he acknowledged that the team's previous handling was too mechanical and did not fully consider the complexity of community dimensions. The team is currently re-evaluating relevant cases. The team is continuing to advance the review of witch hunt cases and return to development work.

Backpack officials posted on platform X stating that regarding the witch determination issue for Backpack, the team has had in-depth communication with the anti-witch leader. Due to the enforcement level's insistence on the compliance bottom line of "one person, one account," some Chinese-speaking users have been affected.Armani and the core team are ready to immediately open an appeal channel and establish "Guideline No. 3": Any user who has operated 3 or fewer accounts on one device and has been determined to be a witch will have more than 50% of their points returned after manual appeal verification. In addition, the Backpack team will launch a special program in the coming days to compensate eligible users by repurchasing tokens in the secondary market.

Bybit Alpha and Byreal now support Backpack (BP) trading.BP is the native token of Backpack Exchange. The current price of BP is $0.23, with a market cap of $236.35M.

Backpack posted on platform X that the BP trading market will open today at 20:00 (UTC+8), and the withdrawal function will be enabled shortly after the market opens.

The probability of Polymarket betting that the FDV of the Backpack token on its launch day will exceed $300 million has dropped to 58%, the probability of exceeding $200 million is 91%, the probability of exceeding $100 million is 99%, and the probability of breaking $500 million is about 13%.

Backpack officially announced its token code "BP" on social media and published the contract address.

Backpack announced on platform X that it will conduct its TGE on March 23.

Backpack Exchange announced today that former U.S. Commodity Futures Trading Commission (CFTC) Commissioner and Acting Chairman Mark Wetjen has officially joined the company as President of Backpack US. In this role, Wetjen will lead Backpack's strategic expansion in the U.S., helping the company continue to build a regulated global on-chain financial platform.

Backpack founder Armani Ferrante posted on the X platform that Backpack will launch an on-chain IPO subscription service, which will begin development this year, allowing users to access IPO shares before they are listed on the stock exchange.Backpack will collaborate with Superstate to make Backpack one of the stops on the roadshow, enabling Backpack users to participate in these IPOs ahead of the official trading. Currently, Backpack has set up a waiting list, and early registered users will receive priority access to the first IPO.

Backpack CEO Armani Ferrante stated that users who stake their upcoming tokens for at least one year will have the right to exchange for Backpack company equity at a fixed ratio. The company has reserved 20% of its equity for this plan. Armani Ferrante pointed out that this move aims to improve the existing token model, addressing the issue that most projects rely solely on utility to support token value and lack long-term decentralized incentives.Currently, Backpack is negotiating funding at a valuation of $1 billion, aiming to raise $50 million. The total supply of its tokens is 1 billion, with the initial distribution opening 25% of the supply to participants in the loyalty program and holders of Mad Lads. Additionally, the token allocation plan for the team and investors has been stored in the company vault, with a lock-up period of at least one year after the IPO, and team members will primarily be incentivized through holding company equity.

Backpack CEO Armani Ferrante posted on X that compared to TGE in a bull market, TGE in a bear market is less likely to result in retail investors being harvested.

The centralized crypto trading platform Backpack Exchange, created by former FTX and Alameda executives, announced the issuance of a token with a total supply of 1 billion, with the distribution mechanism directly linked to its goal of going public in the U.S. The first batch of token issuance will release 25% (250 million), and an additional 37.5% (375 million) will be unlocked upon reaching key milestones, including entering new markets or launching new products. The remaining 375 million will be locked for one year after the company goes public and will be deposited into the treasury.Backpack co-founder and CEO Armani Ferrante emphasized that the core principle of the token unlocking mechanism is to prevent insiders from cashing out before retail investors. To this end, the company's founders, executives, team members, and venture capitalists have not received any direct token allocations, and the team currently holds only equity in the company rather than tokens. This means that team members cannot gain any wealth returns through tokens until the company completes its IPO or undergoes other equity exit events.Previously, Axios reported that Backpack is in talks to raise $50 million at a $1 billion valuation, potentially becoming the latest unicorn in the crypto industry.

According to Axios, sources say that Backpack Exchange, a centralized crypto trading platform created by former FTX and Alameda executives, is in talks for a new round of financing, with a pre-money valuation of around $1 billion.

Solana co-founder Toly changed his avatar on the X platform, adding laser eyes and Backpack elements to the original Moonbird derivative avatar, which has attracted community attention. Many users interpret this change as a possible indication that the Token Generation Event (TGE) for Backpack is imminent.Previously, Toly had changed his avatar to a derivative of the Moonbird series NFT on January 27, and the Moonbird project subsequently completed its TGE on January 28.