A new digital asset platform called Backpack has recently begun offering services to customers in several U.S. states, expanding its presence in America. Backpack was founded by two former top executives from major crypto companies FTX and Alameda Research.
Can Sun, previously the general counsel at FTX, and Armani Ferrante, formerly a software developer at Alameda Research, established Backpack to provide a digital wallet for specialized non-fungible tokens (NFTs). The platform raised $20 million in September 2022 to further develop technology around these NFTs, which Backpack describes as similar to mini-programs on social apps.
The funding round was co-led by FTX Ventures and Jump Crypto, with additional participation from Multicoin Capital, Anagram, K5 Global, Frictionless, and other investors. This valued the nascent Backpack at over $100 million already.
The launch by well-known crypto industry veterans Sun and Ferrante signals Backpack’s ambitions to make a mark in digital assets. While still in beta mode, Backpack has secured a key regulatory license in Dubai. It is now available in 11 U.S. states as Ferrante, who serves as CEO, looks to grow the platform’s American customer base. Specific expansion plans and timelines are still to be announced.
