Backpack’s New Token to Offer Equity to Stakers
- Backpack plans to allow users who stake its upcoming token for at least a year to earn equity in the exchange.
- The company has allocated 20% of its equity for this initiative, according to CEO Armani Ferrante.
- Backpack is currently in discussions to raise $50 million at a $1 billion valuation, potentially achieving unicorn status.
- Upon debut, Backpack will make available up to 25% of the token’s total supply for those participating in a points campaign or holding NFTs from Backpack’s Mad Lads.
- The company plans later distributions tied to growth milestones and regulatory approvals, which could unlock an additional portion of the token supply.
Backpack’s new token initiative aims to improve on existing models by offering users equity in exchange for staking, setting aside a significant portion of its equity for this purpose. The company’s strategic move comes amid discussions of raising substantial funds and expanding its presence across U.S. states.
This approach not only seeks to enhance user engagement but also aligns with regulatory frameworks in various regions, highlighting Backpack’s commitment to innovation within the exchange landscape.(Source)
