The Backpack ecosystem of companies, creators of the Backpack wallet<\/a>, the Mad Lads NFT collection<\/a>, and Backpack Exchange<\/a>, today announced the first joint closing of their $17 million strategic Series A round at a $120 million combined valuation. The round was led by Placeholder VC<\/a>, with participation from a select group of other strategic investors including Hashed, Robot Ventures, Amber Group, Wintermute, Selini Capital, Delphi Digital, and founders of leading web3 ecosystems such as Solana, Tensor, Jito, Zeta, Marginfi, Drift, Monad, Galxe, and other influential supporters worldwide.<\/p>\n Armani Ferrante, CEO of Backpack commented on the news:\u00a0<\/p>\n \u201cThe history of finance is littered with scandals, but Backpack is doing things differently. Over the past year, we\u2019ve set the foundation to build a crypto-native financial institution, and with the conclusion of this round, with trust minimization and compliance as foundational principles, we begin a new chapter for ourselves and, hopefully, for the rest of the industry.\u201d<\/p>\n The Backpack ecosystem comprises several products and services, including the popular Backpack noncustodial wallet, Backpack Exchange, a fully regulated global cryptocurrency exchange with industry-leading speed, security and functionalities, and Mad Lads, currently the top NFT community in the Solana ecosystem. Backpack is also the creator and developer of Anchor, the Solana smart contract framework, the executable NFT (xNFT) token standard, and others.\u00a0<\/p>\n Backpack\u2019s strategic fundraising was led by Placeholder VC. \u201cWe\u2019ve been impressed with Backpack\u2019s ability to not only deliver high-quality applications, but also build a strong community around their ecosystem,\u201d said Joel Monegro, General Partner at Placeholder VC.\u00a0\u201cAfter building a relationship with the team over the past year, we\u2019re convinced they have the skill, ambition and drive to create one of the most trustworthy global exchanges in the industry with a strong focus on performance, compliance, and auditability.\u201d\u00a0<\/p>\n \u201cThe Backpack team is an all-star team that really understands the community with a focus on building compliant services. Their ability to create the best user experience is top notch, and the synergies within their ecosystem are evidenced by their strong track record of user acquisition within the industry to date.\u201d Baek Kim, General Partner at Hashed said. \u201cWe are very excited to work with the team and resonate deeply with their compliance standpoint in terms of being optimally regulated and entering the mainstream of the global financial infrastructure.\u201d<\/p>\n The round also attracted strong interest from other leading web3 ecosystem players. \u201cThe Backpack team is a great example of what happens when crypto natives are also strong builders. They understand that crypto is not just the underlying technology, it is also the culture that forms around it,\u201d said Evgeny Gaevoy, founder of Wintermute, one of the largest liquidity providers in digital assets, \u201cFor me, Backpack is having the success I would expect, when a team figures out the intersection of tech and culture. I\u2019m excited to see them continue to grow.\u201d\u00a0<\/p>\n Backpack\u2019s fundraising was applauded by the Solana ecosystem as well. \u201cBackpack has not only pioneered exceptional products such as the Backpack Wallet but has also cultivated a remarkable community through the Mad Lads. Armani and the Backpack team have exemplified what it means to focus on great products and user experiences and iterate relentlessly,\u201d said Anatoly Yakovenko, founder of Solana Labs, \u201cWatching Backpack build a global exchange that stands out for its user experience and trustworthiness has been truly inspiring.\u201d\u00a0<\/p>\n About Backpack Wallet<\/strong><\/p>\n Backpack Wallet is an all-in-one web3 app that functions as a noncustodial wallet, allowing users to buy, hold, sell, and transfer cryptocurrencies, as well as interact with xNFTs, a popular NFT standard that tokenizes applications. Backpack Wallet is also the creator of Mad Lads, the top NFT collection in the Solana ecosystem. For additional information on Backpack Wallet, visit https:\/\/www.backpack.app\/.<\/a>\u00a0<\/p>\n About Backpack Exchange<\/strong><\/p>\n![\"\"](\"https:\/\/www.investingcube.com\/wp-content\/uploads\/2024\/02\/exchange_screenshot_1_1709104753fXRznJAqGt.jpg\")
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