Post-FTX Ventures
Former employees of FTX and Alameda Research have launched Backpack, a cryptocurrency exchange, with $17 million in funding. This venture is part of a wave of startups emerging in the wake of FTX’s collapse.
Backpack’s Offerings
Backpack has raised $120 million in Series A funding and offers a range of products, including:
- Cryptocurrency exchange
- NFT collection (Mad Lads)
- Cryptocurrency wallet
Team and Growth
Co-founded by Armani Ferrante (ex-Alameda CEO) and Can Sun (ex-FTX General Counsel), Backpack employs 40 people, including five former FTX employees. Despite their previous associations, the team has gained traction with:
- Over 420,000 verified users
- A virtual asset service provider license in Dubai
- A cryptocurrency exchange now available in the US
Market Landscape
Backpack joins other ventures capitalizing on the void left by FTX’s demise, including:
- EDX Markets (backed by Citadel Securities and Fidelity Digital Assets)
- Rulematch (targeting financial institutions)
Sam Bankman-Fried Update
- Bankman-Fried’s legal team argues for a six-and-a-half-year prison sentence, citing his status as a “misunderstood first-offender.”
- While incarcerated, Bankman-Fried has reportedly been promoting Solana (SOL) investments.
- Federal prosecutors will present their sentencing recommendation on March 15, with sentencing scheduled for March 28.
