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Reading: Solana-Based Crypto Exchange Backpack Secures $17 Million in Series A Funding
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COINTURK NEWS > Solana (SOL) > Solana-Based Crypto Exchange Backpack Secures $17 Million in Series A Funding
Solana (SOL)

Solana-Based Crypto Exchange Backpack Secures $17 Million in Series A Funding

In Brief

  • Backpack crypto exchange announces $120 million valuation after funding.

  • CEO Armani Ferrante sees this as a new chapter for the crypto industry.

  • Backpack's ecosystem includes top Solana NFT collections worth $119 million.

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COINTURK NEWS 1 year ago
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Solana-based crypto exchange Backpack has announced the closure of a strategic Series A funding round worth $17 million, achieving a combined valuation of $120 million. According to a press release dated February 28, the funding round was led by Placeholder VC and included participation from other strategic investors such as Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, Delphi Digital, as well as key players from Web3 ecosystems like Solana and Tensor.

Contents
Armani Ferrante Comments on the New FundingBackpack Team’s Impressive Achievement

Armani Ferrante Comments on the New Funding

Backpack Exchange‘s founder and CEO Armani Ferrante believes the new funding round marks the beginning of a new chapter for the crypto industry. Ferrante wrote regarding the matter:

“Financial history is full of scandals, but Backpack does things differently. Over the past year, we have laid the foundation for building a crypto-specific financial institution, and with the completion of this round, we are starting a new chapter based on fundamental principles of trust minimization and compliance, for ourselves and hopefully the rest of the industry.”

According to Ferrante, crypto exchanges are capital-intensive. Ferrante, in an interview on February 27, said the new funds would be used to continue the exchange’s compliant expansion worldwide:

“There are a number of things we want to use the funds for, including global expansion and product development, but I don’t want to say too much.”

Backpack Team’s Impressive Achievement

Backpack, as of February 28, has a 24-hour trading volume of $312 million, currently ranking as the 91st largest exchange in the world by daily volume. In contrast, according to CoinGecko data, the world’s largest crypto exchange Binance records over $26.3 billion in 24-hour trading volume, while Bybit is the second-largest exchange with $4.5 billion collected.

Backpack surpassed $1 billion in 24-hour volume within four days after the start of preseason transactions on February 18. In a statement, Ferrante said the exchange’s success is proof of the maturing crypto industry demanding more reliable exchanges.

CryptoSlam data indicates that the Backpack ecosystem currently comprises multiple products, including the Mad Lads NFT collection, which is the fifth-largest Solana NFT collection of all time, valued at over $119 million.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 28 February, 2024 - 9:45 pm 28 February, 2024 - 9:45 pm
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