Backpack Exchange Proposes Equity-for-Staking Model Ahead of Potential $1B IPO
Backpack Exchange is reserving 20% of equity for users who stake its upcoming token for at least one year—a MOVE CEO Armani Ferrante positions as antithetical to 'shitcoin' culture. The crypto trading platform's model allocates 62.5% of tokens to users before team or investor distributions, with equity conversions contingent on a future IPO.
The company is reportedly negotiating a $50 million raise at a $1 billion valuation. Ferrante, a former Alameda Research employee, emphasizes long-term alignment over speculative gains: 'I came into crypto because I believe it's going to change the world.'
Backpack plans to release 25% of its 1 million token supply at launch, prioritizing participants in its early programs. No TGE date has been disclosed.
