Ex-FTX Founders Building New Crypto Exchange Now Worth $1B
Backpack Exchange, led by former FTX and Alameda execs, is raising $50M at a unicorn valuation.
The FTX ghost refuses to stay buried. Backpack Exchange, a centralized crypto trading platform built by veterans of Sam Bankman-Fried's imploded empire, is in talks to raise $50 million at a $1 billion pre-money valuation.
The company reportedly pulls in over $100 million in annual revenue. Not bad for a team whose previous employer became shorthand for crypto catastrophe.
Backpack is positioning itself as a legitimate player in the exchange game, apparently betting that the crypto market has a short memory. Former FTX and Alameda leaders are at the helm, which is either a bold second act or a cautionary tale waiting to happen.
The fundraising talks are ongoing, with terms still being negotiated. If closed, the round would cement Backpack's unicorn status and signal investor appetite for crypto infrastructure remains alive.