Former workers of FTX and Alameda Research have secured $17 million to establish Backpack, a cryptocurrency exchange. They are among the businesses attempting to bridge the void created by the demise of their previous employer, Sam Bankman-Fried’s cryptocurrency conglomerate.
Backpack is worth $120 million after completing a Series A investment round; the company’s products also include an NFT collection and a cryptocurrency wallet, according to a Bloomberg report on Wednesday.
Placeholder VC, a venture capital firm that specializes on web3s, led the round, in which Hashed, Robot Ventures, Amber Group, Wintermute, and Selini also participated.
Bloomberg: FTX, Alameda Alums Raise $17 Million for Crypto Exchange Startup.
— Crypto Crib (@Crypto_Crib_) February 28, 2024
Backpack: Crypto’s Future After FTX Downfall?
Almost a year after FTX’s demise, Armani Ferrante and Can Sun co-founded Backpack, which debuted in October of last year. Ferrante was an early employee
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