Backpack

What Backpack does

Backpack is a Dubai-headquartered, fully regulated cryptocurrency exchange and self-custody wallet platform founded in October 2023 by former FTX and Alameda Research employees, led by CEO Armani Ferrante and co-founder Can Sun. The platform operates under a multi-jurisdiction licensing stack that includes MiCA and MiFID II/CySEC in the EU, VARA in Dubai, and FinCEN registration in the US, with a CFTC-approved US bitcoin perpetual futures contract. Its product architecture centers on a Unified Backpack Account that cross-margins spot trading, perpetual futures, predictions, and lending using a single collateral pool, alongside a multi-chain self-custody wallet supporting Solana, Ethereum, Base, Arbitrum, Sui, Aptos, and other networks. As of 2026, the company has expanded into regulated US equities via the Backpack Securities subsidiary—built with Sunrise and Superstate for tokenized stocks on Solana—and introduced the BP Token, a 1 billion-supply utility and governance token whose stakers gain access to a 20% equity pool ahead of a planned US IPO.

The company generates revenue primarily through transaction fees on spot and perpetual futures trading, commissions on tokenized stock trades (currently in promotional zero-fee periods), and interest-rate spreads on crypto lending and borrowing across assets including USD, SOL, ETH, BTC, and MON. Pricing is partially tiered: BP token stakers receive reduced trading fees, free wire transfers, and enhanced USD yields up to an additional 3%, while the Backpack Liquidity Token (BLT) vault provides pro-rata market-making exposure across spot-margin, convert, and perpetual futures products. The firm's reported 2025 annual revenue exceeds $100 million on a headcount of 11–50 employees, with cumulative trading volume of approximately $380B+ across more than 150 countries, 420,000+ verified users, and over $350M in assets under custody. Distribution is primarily product-led and self-serve via web and mobile (iOS, Android, Android APK), with state-by-state US expansion adding a sales-led, regulator-dependent motion for licensed geographies.

The capital structure has progressed from a $17 million Series A led by Placeholder VC in February 2024 (with Hashed, Robot Ventures, and Amber Group) at a $120 million post-money valuation to advanced 2026 talks for a $50 million round at a $1 billion pre-money valuation—a roughly 8x markup in two years. Key value-creation milestones include the January 2025 acquisition of FTX EU assets to restore licensed European trading, the addition of Mark Wetjen (former CFTC Acting Chairman) as President of Backpack US and Dr. Michael S. Piwowar (former SEC Acting Chairman) to the US board, and the appointment of Coinbase alumnus Nathan Smith as COO. The BP Token's equity-conversion mechanism, combined with reported $100M-plus revenue at sub-50 headcount, frames Backpack as a licensing-led, vertically integrated on-chain financial platform targeting both the regulated crypto exchange and tokenized traditional securities markets.

Name

Backpack

Legal name

Backpack Exchange

Website

https://backpack.exchange

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

Backpack is a Dubai-headquartered, multi-jurisdiction licensed cryptocurrency exchange and self-custody wallet that cross-margins spot, perpetuals, lending, and predictions within a unified account, serving retail crypto traders in 150+ countries and expanding into regulated tokenized US equities.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSADAAAG

Crypto Custody & Exchange Wallet Services (Integrated)

Financial & Insurance/Crypto & Digital Assets/Centralized Crypto Exchanges (CEX) & Brokerages

SECONDARYFSADAAAL

Margin Trading & Collateralized Borrowing (Exchange-Operated)

Financial & Insurance/Crypto & Digital Assets/Centralized Crypto Exchanges (CEX) & Brokerages

SECONDARYFSADAFAA

Centralized Crypto Lending Platforms (CeFi)

Financial & Insurance/Crypto & Digital Assets/Crypto Lending, Borrowing & Credit Markets

SECONDARYFSADAFAC

Crypto Borrowing & Margin Credit Facilities

Financial & Insurance/Crypto & Digital Assets/Crypto Lending, Borrowing & Credit Markets

SECONDARYFSAGAMAK

Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations)

Financial & Insurance/Financial Technology (Fintech)/Blockchain & Web3 Financial Infrastructure (Tokenization, Custody Tech)

Keywords

• Cryptocurrency exchange
• Digital asset trading
• Self-custody wallet
• Tokenized securities
• Margin trading

Headquarters

HQ city

San Bernardino

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Compliance, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Crypto Trading Fees: Fees charged on spot and perpetual futures trading on the crypto exchange platform. Platform offers competitive fee structure with reduced fees for BP token stakers.
2. Stock Trading Fees: Commission fees on tokenized US stock trading through Backpack Securities. Platform offers promotional periods with 0 stock trading fees.
3. Lending Interest Spread: Interest earned on lending and borrowing activities. Platform facilitates lending with variable APY rates (e.g., USD 4.24%-7.24%, SOL 4.26%, MON 7.05%) and earns spread on borrow rates.
4. BP Token Economics: Native ecosystem token providing reduced trading fees, wire discounts, extra USD yield, wallet benefits, and IPO access to stakers. Token value accrues from platform utility.
5. Vault/Liquidity Services: Backpack Liquidity Token (BLT) vault providing liquidity across spot-margin, convert, and perpetual futures. Users deposit USD for BLT tokens representing pro-rata ownership.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Backpack operates a fully regulated global cryptocurrency exchange built on Solana that combines spot trading, perpetual futures, margin lending, and a self-custody multi-chain wallet within a unified cross-margin account. Through its Backpack Securities subsidiary, it offers regulated US stock brokerage with tokenized equities trading on Solana, enabling 24/7 access to traditional securities.

Product overview

Backpack is a unified financial platform combining a licensed cryptocurrency exchange with a self-custody wallet and regulated securities brokerage. The core products include Backpack Exchange (spot, futures, margin, and lending), Backpack Wallet (multi-chain self-custody across 10+ networks), Backpack Securities (tokenized US stocks with 24/7 trading), and the BP Token (native ecosystem token with equity conversion rights). The ecosystem also offers Predictions (prediction markets), Vault (liquidity provision), and Lending & Borrowing services. All products share unified collateral and cross-margin infrastructure, enabling users to manage crypto, stocks, and yield from a single account. The platform is built on Solana blockchain with regulatory licenses in the EU (MiCA, MiFID II/CySEC), Dubai (VARA), and US (FinCEN).

Differentiator

Problem solved

Functional benefit

Brands

• Mad Lads NFTs: NFT collection associated with the Backpack ecosystem
• Backpack Wallet
• Backpack Exchange
• BP Token

Products and services

• Backpack Exchange

Quantifiable outcome

• $400 billion+ in trading volume processed on platform
• +5 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered strategic and core.

• Dr. Michael S. PiwowarstrategicOthers · 9 June 2026Former SEC Commissioner (2013-2018) and Acting Chairman appointed to Backpack US Board of Directors, bringing expertise in securities regulation and capital markets policy.
• SunrisecoreTechnology or Integration · 2 June 2026Partnership for regulated US stock brokerage platform supporting tokenization of traditional stocks on Solana. Sunrise provides brokerage infrastructure and ACATS/DTCC clearance integration for dividends tracking.
• SuperstatestrategicTechnology or Integration · 2 June 2026SEC-registered stock token provider expanding to Backpack. Enables on-chain IPO access allowing retail investors to receive direct IPO share allocations.
• Mark WetjenstrategicOthers · 3 April 2026Former CFTC Commissioner and Acting Chairman appointed as President of Backpack US, supporting US expansion and derivatives strategy.
• Trek Brokerage Services LimitedcoreChannel Partner/ Reseller/ Distributor · 15 October 2025Anjouan Offshore Finance Authority licensed company acting as Intermediary Broker for Backpack Securities brokerage services.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Coinbase: U.S.-listed regulated crypto exchange and self-custody wallet operator offering spot, futures, custody, and lending. Comparable because Backpack similarly combines a centralized exchange with an integrated wallet and targets regulated retail and institutional traders; Backpack hired Coinbase's former technical lead Nathan Smith as COO.
• Kraken: U.S.-founded licensed crypto exchange offering spot, margin, futures, and staking with strong regulatory posture. Directly comparable to Backpack as a Western, compliance-first CEX competing for the same regulated active-trader segment.
• Binance: Largest global crypto exchange by volume, offering spot, derivatives, lending, and a self-custody wallet (Trust Wallet). Direct competitor across Backpack's full product stack; benchmark for trading volume and liquidity depth.
• OKX: Global CEX offering spot, perpetuals, options, lending, and a multi-chain self-custody wallet (OKX Wallet). Highly comparable product mix, including unified-margin trading and a tokenized-assets thrust, competing directly for Backpack's active-trader segment.
• Crypto.com: Regulated crypto exchange and self-custody wallet with spot, derivatives, staking, and a Visa card. Comparable licensed-retail positioning and integrated wallet-plus-exchange model targeting the same global active-trader and crossover-investor segment.
• Gemini: U.S.-regulated crypto exchange and custodian (founded by Winklevoss twins) offering spot and staking services. Comparable as a compliance-first Western CEX competing for regulated retail flow; weaker derivatives offering than Backpack.
• Bitfinex: Long-standing crypto exchange offering spot, perpetuals, margin, and lending for active traders. Directly comparable as a derivatives-heavy, trading-tools-focused CEX; sister company to Tether, so different capital base but similar product surface.
• Bybit: Top-five global derivatives-focused crypto exchange with spot, options, copy-trading, and an integrated Web3 wallet. Direct competitor for Backpack's perpetual futures and unified-margin feature set.
• HTX (Huobi): Global crypto exchange offering spot, derivatives, lending, and a self-custody wallet. Comparable full-stack CEX competing for the same active-trader wallet and exchange combined experience.

Emerging players

• Phantom Wallet: Solana-anchored self-custody wallet with multi-chain support and an integrated perps/routing layer. Closest direct peer to the Backpack Wallet product specifically, and a partner in the SEAL phishing-defense network alongside Backpack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/backpack
• LinkedInlinkedin.com/company/backpackexchange

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Backpack