The crypto exchange Backpack has announced plans to launch its own token with a total issuance of 1 billion units. The unlock schedule will be directly tied to the company’s goal of going public in the US.
This was reported by the platform’s co-founder and CEO, Armani Ferrante. According to him, this model should prevent a situation where insiders profit at the expense of retail investors.
How the Token Will Be Distributed
In the first stage, 25% of the total issuance — 250 million tokens — will enter circulation. The launch date has not yet been disclosed.
Another 37.5% of the issuance, or 375 million tokens, will be unlocked as key business milestones are achieved. Among them, Ferrante named the launch of new products and expansion into additional markets.
The remaining 375 million tokens will be locked until the company goes public and will not become available until at least one year after the IPO. These assets are planned to be held in the corporate treasury.
‘An Insider Dump Should Be Impossible’
Ferrante emphasized that neither the founders, nor top management, nor venture investors received a direct allocation of tokens. The team holds only an equity stake in the company.
According to him, the main principle of the model is that employees and investors cannot derive financial benefit from the token until the product achieves scalable and sustainable growth.
‘Until the company goes public or another capital-related event occurs, the team will not be able to profit from the token,’ he noted.
IPO as a Key Strategic Point
According to Axios, Backpack is negotiating to raise $50 million at a preliminary business valuation of $1 billion. If successful, this will make the company a new ‘unicorn’ in the industry.
At the same time, Ferrante acknowledged that going public is not guaranteed and may take longer than expected. Nevertheless, the company’s strategy is built around this goal.
Context and Project Origin
Backpack was founded in 2022 by former FTX employees. In addition to Ferrante, the team includes former FTX general counsel Kan San and US strategy lead Tristan Iver.
Earlier, the platform launched a beta version of a prediction market, expanding its product line beyond classic exchange trading.
What This Means for the Market
A token model tied to an IPO remains rare for the industry. It brings crypto projects closer to traditional corporate logic and reduces the risks of short-term pressure from insiders.
At the same time, such a structure delays potential liquidity for the team and investors, making the token’s success directly dependent on the long-term development of the business rather than on market hype.
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