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Backpack exchange reaches $1 billion unicorn valuation on tokenization push: Axios
Backpack, the crypto exchange founded by former FTX employees, is the latest crypto trading platform to achieve unicorn status, according to a report from Axios on Monday. The firm is reportedly in talks to raise $50 million in fresh financing at a $1 billion pre-money valuation. The move comes on the heels of Backpack floating its tokenization scheme, which included plans to reserve 37.5% of its total 1 billion exchange token supply for a “post-IPO” company treasury, The Block reported earlier today. Co-founder Armani Ferrante noted the plan was to prevent “dumping on retail” investors and ensure long-term ... (full story)
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