Crypto Exchange Backpack Plans to Offer Company Equity to Token Stakers
Backpack plans to let users exchange its upcoming token for equity in the company if staked for at least a year, with 20% of the company’s equity set aside for this purpose. CEO Armani Ferrante said the initiative aims to address shortcomings in existing token models, which often fail to deliver on utility or decentralization. Backpack has not disclosed a launch date for the token but is verifying user eligibility. Upon debut, 25% of the token supply will be distributed to participants in points campaigns and NFT holders, with further distributions tied to milestones and a potential public offering. Backpack operates under regulatory frameworks in the Middle East, Europe, and is expanding in the U.S. The company is reportedly in talks to raise $50 million at a $1 billion valuation. Ferrante contrasted Backpack’s approach with past projects, highlighting the pitfalls of non-decentralized models and referencing the collapse of FTX.
