Backpack, the crypto exchange founded by Solana developer Armani Ferrante and former FTX executive Tristan Yver, has rolled out a token allocation framework designed to ensure insiders cannot profit ahead of the company’s planned US public offering.
In a statement issued on Monday, Backpack said that 25% of the token supply, or 250 million tokens, will be distributed during the Token Generation Event, with 240 million going to points holders and 10 million to Mad Lads NFT holders.
Another 37.5%, or 375 million tokens, will be unlocked pre-IPO through growth-triggered milestones tied to measurable regulatory progress, product expansion, and market access, as noted by the team.
The remaining 375 million tokens will sit on the company’s balance sheet, inaccessible for at least 12 months after a successful IPO. Team members and early backers hold equity in the parent company rather than direct token allocations, tying their financial outcomes to a public market debut.
Backpack ties insider rewards to long-term growth and IPO plans
Ferrante stated that Backpack’s approach is designed to block insider profits until the exchange has grown into a large, sustainable, and regulated financial platform.
The firm plans to pursue a US public listing, joining other crypto firms hoping to benefit from improved regulatory conditions and increasing recognition of digital assets.
“Backpack is trying to not only build great crypto products, but we’re also trying to build great TradFi products. We’re trying to not only give our users access to every crypto asset, every blockchain, and every decentralized application, but we’re also getting banking rails around the world,” Ferrante explained.
Ferrante noted that the exchange currently serves roughly 48% of the global market, having prioritized regulatory licensing over rapid geographical expansion.
Backpack plans to add banking infrastructure, fiat currency accounts across major markets, and securities trading capabilities as it pursues traditional finance integration alongside its crypto offerings.
“It’s not until the company goes public (or has some other type of equity exit event), that the team can earn any wealth from the project. It’s not until the company has access to the largest, most liquid capital markets in the world by going public–and it’s not until the company has done all the hard work to earn access to those markets–that the team can reap the rewards of the value created by the Backpack community from now until then,” he added.
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