Backpack seeks funding at targeted $1B valuation

Cryptocurrency exchange Backpack is seeking to raise new investment funds at a targeted valuation of $1 billion, Axios reported exclusively. Axios noted that the exchange, founded by former FTX personnel, is growing rapidly by emphasizing regulatory compliance and transparency. The funds raised are expected to be used for global market expansion and infrastructure upgrades. Backpack recently disclosed its Token Generation Event (TGE) plan and tokenomics, announcing that it will unlock 25% of the total supply at the time of the TGE. This allocation will be distributed with 24% going to point holders and 1% to NFT holders.