Backpack just raised $17M to build a regulated, next-gen crypto exchange—built for trust, speed, and global scale. Led by Placeholder with backing from Jump, Wintermute, Hashed, and others, the round values Backpack at $120M. The team behind Mad Lads and the xNFT-powered Backpack wallet is now live in 11 U.S. states and targeting Coinbase-level integrity—with a fresher, more agile approach.

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Founder Armani Ferrante, once at Alameda, is determined to rewrite the playbook post-FTX: transparent custody, novel exchange architecture, and compliance-first operations.

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Read the full story on Decrypt: Backpack Raises $17M, Targets Coinbase