Backpack Exchange Announces Token Launch Tied to IPO Milestones

ChainCatcher News: Backpack Exchange, a centralized crypto trading platform created by former FTX and Alameda executives, announced the issuance of a total supply of 1 billion tokens, with the allocation mechanism directly tied to its goal of listing in the United States. The initial token issuance will release 25% (250 million tokens), and an additional 37.5% (375 million tokens) will be unlocked upon achieving key milestones, including entering new markets or launching new products. The remaining 375 million tokens will be locked until one year after the company's listing and will be deposited into the treasury. Backpack co-founder and CEO Armani Ferrante emphasized that the core principle of the token unlock mechanism is to prevent insiders from cashing out before retail investors. To this end, company founders, executives, team members, and venture capitalists have not received any direct token allocations. The team currently holds company equity instead of tokens. This means that team members cannot receive any wealth returns through tokens until the company completes an IPO or another equity exit event. Previously, according to Axios, Backpack is in talks to raise $500 million at a $10 billion valuation, potentially becoming the latest unicorn in the crypto industry.