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A Brief History of Backpack
Backpack currently encompasses Backpack Exchange, Backpack Wallet (self-custodial) and the Mad Lads NFT collection, the top NFT community in the Solana ecosystem.
2022: Origins
Backpack was founded in 2022 by Solana developer Armani Ferrante, who began with launching the self-custodial Backpack Wallet. Before founding the company, Armani created Anchor, an essential Solana developer tool and security protocol that half of all Solana projects are built with.
During FTX’s collapse in November 2022, Backpack lost $14.5 million, 88% of the company’s operating funds. The Backpack team chose to continue building with minimal funding
2023: Building Through the Bear Market
In April 2023, during the crypto bear market, Backpack quietly launched the Mad Lads NT collection. In the first week of launch, Mad Lads topped all NFT charts across all chains and helped turned attention to Solana. Mad Lads soon became the No. 1 NFT on Solana based on market cap and trading volume.
In October 2023, Backpack secured a Virtual Asset Service Provider (VASP) License from the Dubai Virtual Assets Regulatory Authority (VARA). The approval marked an important milestone in the company’s compliance-first strategy.
In November 2023, Backpack beta-launched its regulated crypto exchange after receiving the VARA license, bringing institutional-grade transparency and security to retail traders for the first time on the platform.
2024: Expansion and Acceleration
In February 2024, Backpack raised $17 million in a Series A round led by Placeholder VC, reaching a $120 million valuation. The funding strengthened the company’s compliance foundation and supported expansion into new jurisdictions.
By March, Backpack Exchange surpassed 500,000 fully KYC-verified users, reflecting rapid adoption across Asia, Europe, and the Middle East.
In April, Backpack achieved a major milestone when daily trading volume reached $9 billion only days after the exchange’s pre-season beta launch. The SOL/USDC market led activity and briefly exceeded trading volumes on several leading centralized exchanges.
By May 2024, Backpack served users in more than 150 countries and had processed over $60 billion in cumulative trading volume across spot and perpetual markets.
2025: Regulation, Restitution, and Real-World Assets
Early in 2025, Backpack Exchange acquired FTX Europe (FTX EU), the MiFID II-licensed former European arm of FTX, for $37.7 million. The deal, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), marked a major step in Backpack’s global expansion and strengthened its regulatory presence in Europe.
That same month, the exchange launched its Futures Public Beta, giving verified users access to perpetual trading for the first time.
Momentum built quickly, by May, Backpack surpassed $100 billion in cumulative trading volume, reflecting strong user adoption and deep liquidity across both spot and derivatives markets.
As part of its ongoing transparency efforts, Daily Proof of Reserves was introduced in August, allowing users to verify assets and liabilities directly on-chain.
Growth continued into the following months. Perpetual futures trading expanded globally, adding new markets and higher leverage options, while Backpack EU officially went live as one of the first exchanges to offer regulated perpetual futures in Europe. Private Beta access opened gradually, with limited daily spots available to early users.
By October, Backpack completed the full rollout of its Perpetual Futures product, extending perpetual trading to all supported regions with enhanced performance and compliance features. The company also partnered with Superstate to launch native on-chain public equities through the Opening Bell platform, enabling users to trade SEC-registered equities alongside crypto and stablecoins.
These developments solidified Backpack’s position as a transparent, regulated exchange connecting traditional finance and the on-chain economy.
