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Backpack Raises $17 Million to Build Regulated Crypto Exchange
Backpack, a crypto exchange founded by former FTX and Alameda Research employee Armani Ferrante, has raised $17 million in a Series A funding round led by Placeholder. The raise values the company at $120 million.
The funding will support Backpack’s expansion, including regulatory licensing and infrastructure development. Despite its early backing from FTX, the company has distanced itself from the collapsed exchange, aiming to build a platform focused on transparency, custody safeguards, and regulatory compliance.
Backpack also acquired FTX Europe earlier this year, positioning itself to launch regulated derivatives trading across the EU.
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