With the price of Bitcoin (BTC) touching $64,000, the ecosystem seems to be slowly emerging from its icy crypto winter. With this in mind, DEX Backpack on Solana is continuing to expand, announcing the closing of a $17 million Series A funding round. Co-founded by former FTX masterminds, Backpack stands out for its unique offering that combines a non-custodial wallet, a decentralised exchange and a vibrant NFT community. The platform is constantly innovating, developing products such as the Solana smart contract framework, Anchor, and the executable NFT token standard (xNFT).
This $17 million round of funding, backed by Placeholder VC and other investors such as Hashed and Amber Group, validates Backpack's strategy and its mission to build a global exchange platform. Joel Monegro, General Partner of Placeholder VC, expressed his confidence in Backpack's ability to deliver high quality applications and build a strong community around its ecosystem. The financial backing and industry recognition signals a promising awakening of the ecosystem on the cusp of a potentially bullish market.
"We have been impressed by Backpack's ability not only to deliver high quality applications, but also to build a strong community around its ecosystem (...) Having established a relationship with the team over the past year, we are confident that they have the skills, ambition and drive to create one of the most trusted global exchanges in the industry, with a focus on performance, compliance and auditability." - Joel Monegro, General Partner of Placeholder VC
With the backing of partners such as Hashed, Robot Ventures, Amber Group, Wintermute, Jump Crypto, Selini Capital, and Delphi Digital, Backpack Exchange is shaping up to be a major player in the crypto-currency industry. This funding round will enable transformations and innovations to become a reality, putting the Solana ecosystem just a click away for projects such as Zeta Markets and MarginFi, who are keen to work with the exchange in the future.
