Cryptocurrency Exchange Backpack on Track to Unicorn Status with $1 Billion Valuation in Funding Round

Cryptocurrency exchange Backpack is progressing in its negotiations to raise $50 million at a pre-money valuation of $1 billion, Axios reported on the 10th. This move is set to catapult Backpack into the ranks of unicorn companies. On the same day, Backpack also announced a distribution plan for its proprietary token, with a total supply of one billion tokens. Of these, 37.5% will be reserved for corporate finance post-IPO, and the management team will not receive any profits until an IPO or a stock sale event occurs. Co-founder Armani Ferrante stated, 'This structure is designed to prevent selling pressure on individual investors and to support long-term...