Former FTX and Alameda Research Employees Secure $17 Million Funding for Cryptocurrency Exchange Venture

Bloomberg reports that a consortium of individuals previously associated with FTX and Alameda Research has successfully secured $17 million in funding to establish and expand the operations of a cryptocurrency exchange named Backpack. This initiative comes in response to the void created by the downfall of their former employer Sam Bankman-Fried's cryptocurrency empire, with Backpack positioning itself as one among several startups endeavoring to address this vacuum.

Headquartered in Dubai, Backpack not only operates as a crypto exchange but also provides additional services such as a cryptocurrency wallet and an NFT collection known as Mad Lads. The Series A funding round has propelled Backpack to a valuation of $120 million, highlighting the confidence and support it has garnered from investors. Armani Ferrante, the CEO and co-founder of Backpack, boasts a background as an early employee of Alameda Research, while another co-founder, Can Sun, previously served as the general counsel for FTX.

Remarkably, among the 40 individuals constituting its workforce, five have prior experience as employees of FTX. This team composition brings a wealth of industry expertise and experience to the newly established venture, positioning Backpack as a noteworthy player in the evolving landscape of cryptocurrency exchanges.

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Bloomberg