Crypto News and Headlines

Crypto Exchange Backpack to Launch Token with Unlocks Tied to IPO Goal

Backpack, a crypto exchange founded by former FTX staff, announced a 1‑billion‑token launch whose distribution is tied to its IPO roadmap. The schedule allocates 25% at token generation, 37.5% upon pre‑IPO milestones such as new regions or products, and the final 37.5% locked until a year after a public listing. The firm is courting a $50 million raise at a $1 billion pre‑money valuation, positioning itself as the sector’s next unicorn. CEO Armani Ferrante stressed that insiders will not profit until the company goes public.