Backpack
Backpack is a cryptocurrency company that encompasses a global crypto exchange, a crypto wallet, and Mad Lads - an NFT collection on Solana consisting of 9k Lads and 1k Lassies. [1] [2]
History
Founded in 2022 by FTX and Alameda alums, Armani Ferrante[3] and Tristan Yver[13], Backpack was established after the strategic $20 million fundraising by Coral (the makers of Anchor) which was co-led by FTX Ventures and Jump Crypto with participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other strategic investors. [4]
Backpack started as an interactive wallet delivering crypto-native experiences through executable NFTs (xNFTs).
"We're excited to launch a step-function improvement in the way users in the Solana ecosystem interact with protocols and smart contracts. xNFTs make the crypto experience smoother, require less steps, and give projects the power to create more customized experiences for their communities. As a best-in-class wallet, our goal is to make Backpack the default portal to the Solana ecosystem," stated Armani Ferrante, Founder of Coral during the launch. [5]
However, less than two months later, in November 2022, FTX collapsed and Backpack lost $14.5 million, 88% of the company’s operating funds. [6]
“We lost 80% of the operating capital on FTX. We spent all this time building this protocol and it was like an on-the-ground knockout and [we] needed to be resuscitated back to life,” Armani Ferrante, co-founder of Backpack and the NFT collection Mad Lads, told TechCrunch. [7]
In April 2023, during the crypto bear market, Backpack launched the Mad Lads NFT collection. In the first week of launch, Mad Lads topped all NFT charts across all chains and helped turn attention to Solana. Mad Lads soon became the Number 1 NFT on Solana based on market cap and trading volume. [6]
“For us, we’re fortunate where our community is complementary to our business,” Ferrante said.
“We wanted to build a product for them and make their life in crypto better.” [7]
In November 2023, Backpack beta-launched its regulated crypto exchange after receiving the Virtual Asset Service Provider (VASP) License from the Dubai Virtual Asset Regulatory Authority (VARA).
In February 2024, Backpack raised $17 million at a valuation of $120 million in a Series A round led by Placeholder VC. [8]
“Armani and I have always very strongly considered exchanges to be the largest onboarding point for people into crypto,” Yver said in an interview with [CoinDesk] - (https://iq.wiki/wiki/coindesk).
“Say what you will, Coinbase has always brought more people into crypto than anyone else.” [8]
In December 2024, Backpack was accepted as a Type 2 member of the Japan Virtual Currency Exchange Association (JVCEA)—the first new member admitted after Binance since 2022. [6]
During Backpack Exchange’s one-year beta mode, it launched several campaigns in the APAC region and reached more than 650,000 fully KYC’ed users, while continuing to attract senior talents from Citi, Stripe, State Street, Coinbase, and more. [6]
Backpack Acquires FTX EU
On January 7, 2025, Backpack acquired FTX EU, the European division of Sam Bankman-Fried's bankrupt cryptocurrency trading firm. [9] [10]
FTX EU, which held a MiFID II-license under the Cyprus Securities and Exchange Commission (CySEC), cost Backpack $32.7 million, the exchange said.
Backpack’s new European arm will offer a full suite of crypto derivatives throughout the EU, starting by capitalizing on its position as the only regulated perpetual futures provider across Europe, according to Armani Ferrante, CEO of Backpack Exchange. [10]
Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.” [9]
As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers. [9]
Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”
In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region. [9]
Expansion into Tokenized Securities
In October 2025, Backpack announced it was adding SEC-registered U.S. equities to its trading platform through a partnership with Superstate, a blockchain finance startup led by Compound founder Robert Leshner. The deal integrates Superstate’s Opening Bell platform into Backpack, enabling non-U.S. users to trade tokenized shares of public companies directly on-chain. [14]
With this move, Backpack became the first centralized crypto exchange to list issuer-backed, SEC-registered equities natively on the blockchain. The firms clarified that these are not synthetic or wrapped derivative products, but are real equities issued under U.S. securities law, featuring the same CUSIP identifiers as their traditional counterparts on exchanges like the NYSE or Nasdaq. According to Superstate founder Robert Leshner, this provides traders with more assets for buying, selling, and collateral, while offering issuers expanded reach to crypto-native investors. [14]
Products
The Backpack ecosystem comprises several products and services, including the popular Backpack Wallet (noncustodial), Backpack Exchange, and Mad Lads, the top NFT community in the Solana ecosystem.
Backpack Exchange
Backpack Exchange is a fully regulated global cryptocurrency exchange building an innovative, and compliant trading platform. [1]
Backpack Wallet
Backpack Wallet is an all-in-one web3 app that functions as a self-custodial wallet, allowing users to buy, hold, sell, and transfer cryptocurrencies. [1]
Mad Lads
Created by Backpack, Mad Lads is a 10,000 piece NFT collection created by Backpack, the artwork consists of 9,000 Lads and 1,000 Lassies. The NFTs were minted (launched) on the Solana blockchain on April 2023 with 8,000+ individuals participating in the launch event, there are currently 3,000+ holders. It was one of the most hyped and popular launches in Solana history, taking place over two days it resulted in one of the most memorable times in recent history. [11]
Partners
- Placeholder
- Hashed3. Jump
- Amber
- Wintermute
- Robot Ventures
- Delphi Digital
- Selini [12]